The company intends to acquire I-trax for about $278 million in cash and the assumption of roughly $18.3 million in net debt.

An affiliate of Walgreens will begin a tender offer within 10 business days for all outstanding common stock of I-trax at $5.40 a share. Shares of I-trax closed Friday at $3.90.

The terms of the Whole Health Management transaction weren’t disclosed.


Walgreen, a Deerfield, Ill.-based drug store operator, said its new division will manage health centers and pharmacies at large-company worksites.

The stock closed at $35.96 on Friday.

Source: CNNMoney.com
Original Publication Date: March 17, 2008