DEERFIELD, Ill. (AP) - Drugstore operator Walgreen Co. said Friday it
completed a tender offer for worksite health center operator I-trax Inc.
Walgreen said shareholders tendered about 40.6 million shares, or 96.3
percent, of I-trax's common stock.
Last month Walgreen said it would buy I-trax and Whole Health Management as
part of its plan to form a new health and wellness division. The Conshohocken,
Pa.-based unit is also expected to include Walgreen subsidiary and retail health
care clinic operator Take Care Health Systems.
Walgreen acquired I-trax for $5.40 per share, or $223.1 million based on
I-trax's 41.3 million shares outstanding as of Nov. 7. In March, Walgreen valued
the deal at $278 million, including the assumption of $18.3 million in debt.
I-trax is expected to merge with Walgreen unit Putter Acquisition Sub Inc.
and will no longer trade on the American Stock Exchange. I-trax and Whole Health
Management will function under the name Take Care Employer Healthcare Solutions.
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