TORONTO, Nov. 25, 2011 /PRNewswire/ -- Futuremed Healthcare Products Corporation ("Futuremed") (TSX: FMD) and Cardinal Health Canada Inc. ("Cardinal Health Canada"), a wholly-owned subsidiary of Cardinal Health, Inc. (NYSE: CAH), reported on developments in the Competition Bureau's review of Cardinal Health Canada's proposed acquisition of Futuremed under the Canadian Competition Act.
Cardinal Health Canada and Futuremed filed pre-merger notification filings with the Competition Bureau in respect of the proposed acquisition, and recently received Supplemental Information Requests for additional information required by the Competition Bureau to complete its review of the proposed acquisition. The Supplemental Information Requests were not unexpected and Futuremed and Cardinal Health Canada will continue to work with the Competition Bureau through its ongoing review.
Cardinal Health Canada's offer remains subject to the satisfaction of the conditions detailed in its offer, including a minimum of 66 2/3% of the outstanding common shares of Futuremed being deposited to the offer and regulatory approval under the Competition Act. Further details of Cardinal Health Canada's offer are available in its offer and circular and in Futuremed's directors' circular, each dated November 14, 2011, which have been sent to Futuremed's shareholders and filed on SEDAR at www.sedar.com.
About Cardinal Health Canada
Cardinal Health Canada is headquartered in Toronto, Canada, with seven distribution centers across the country. It distributes medical and surgical products to healthcare providers across the Canadian healthcare system. It is a wholly-owned subsidiary of Cardinal Health, Inc.
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $103 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 60,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #19 on the Fortune 500, Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com and @CardinalHealth on Twitter.
Futuremed is Canada's leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector. Futuremed products are sold under the name Dismed in Quebec. Futuremed's common shares trade on the Toronto Stock Exchange under the symbol FMD. More information can be found at www.futuremed.ca.
This news release may contain forward-looking statements relating to, among other things, the offer by Cardinal Health Canada, conditions of the Offer and continued work with the Competition Bureau in its ongoing review. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Corporation's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. In addition, these forward-looking statements relate to the date on which they are made. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these risks and uncertainties can be found in regulatory filings available at www.sedar.com.
SOURCE Cardinal Health Canada Inc.; Futuremed Healthcare Products Corporation