Posted by TDCTY Editor on April 27th, 2008
The Deerfield, Ill., operator of a chain of drug stores said stockholders had tendered and not withdrawn 40.6 million shares, about 96%, of I-trax’s common stock and 2.14 million shares, about 98.6%, of I-trax’s preferred stock, according to preliminary data from the depositary for the offer.
Walgreen said it will merge Putter Acquisition Sub into I-trax and all remaining I-trax stockholders who did not tender their shares in the offer will receive the same price paid in the tender offer.
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Posted by TDCTY Editor on April 8th, 2008
Last month’s purchase of I-trax Inc. by drugstore giant Walgreen Co. has triggered more than $1 million in bonuses for six top executives of the Chadds Ford company.
I-trax chairman Frank Martin will receive the largest bonus - $400,480 - once the purchase has been completed, according to a filing with the Securities and Exchange Commission. CEO R. Dixon Thayer will get $193,120.
Walgreen agreed to buy the operator of worksite-based health clinics on March 14 for $278 million, or $5.40 per share.
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Posted by TDCTY Editor on March 18th, 2008
Walgreen may be on its way to your office. The drug store chain is buying its way into the business of providing on-site health care for employers.
Walgreen execs said yesterday that the company’s buying a shop called I-trax for about $260 million and another company called Whole Health Management for an undisclosed amount, the WSJ reports.
Like its archrival CVS, Walgreen is no longer content with its retail business selling prescriptions, over-the-counter drugs and a random assortment of groceries and novelty items. Walgreen and CVS have both been busy opening retail clinics to provide health care in their stores. And last year, CVS merged with the giant pharmacy benefits manager to get into the business of managing companies’ prescription drug benefits.
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Posted by TDCTY Editor on March 17th, 2008
Walgreen Co. (NYSE:WAG) said Monday it created a new health and wellness division and as part of the division’s strategy, the company plans to acquire I-trax (AMEX:DMX) Inc. and privately held Whole Health Management of Cleveland.
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.
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