, a Dublin-based health care provider, said on Wednesday that it will acquire
in a deal worth more than $190 million.
The deal will be a two-part transaction in which Cardinal will make a cash tender offer for all outstanding shares of BLP for $16 a share, followed by a merger in which BLP share holders will receive $16 a share in cash. Shares of BLP closed Tuesday at $13.33.
In a press release, Cardinal said that medical education provider BLP would "complement Cardinal Health's existing businesses and customers' growing needs." After the acquisition, BLP would be integrated into Cardinal's Pharmaceutical Technologies and Services segment.
The transaction is expected to close in Cardinal's first quarter of 2003, assuming regulatory clearance and the availability of 50.1% of BLP's fully diluted shares.
Shares of BLP were climbing on the news, recently trading up 19% to $15.91. Shares of Cardinal were up about 2.4% to $68.69.