Fred’s adds two to its board of directors
MEMPHIS, Tenn. — Fred’s Pharmacy on Monday appointed Steven B. Rossi, CEO of Digital First Media, and Timothy A. Barton, former CEO of Freightquote.com, which he founded in 1998, to its board of directors, effective immediately.
The announcement follows the recent additions of Linda Longo-Kazanova, Christopher W. Bodine, Peter J. Bocian and Michael K. Bloom, CEO to the Fred’s Pharmacy board. As a result of these announcements, following the conclusion of the 2017 Annual Meeting of Shareholders, the newly reconstituted board will be comprised of nine directors, eight of whom are independent and all of whom have track records of delivering shareholder value.
“We are excited to welcome Steve and Tim to the Fred’s Pharmacy board of directors,” said Thomas H. Tashjian, chairman of the board. “They add strong business, financial and operational expertise, and their perspectives will be instrumental as we continue the transformation of Fred’s Pharmacy. This includes moving expeditiously to complete the transaction with Walgreens and Rite Aid, pending approval by the Federal Trade Commission, which would make Fred’s Pharmacy the third largest drugstore chain in the nation. We look forward to continuing to work constructively with Alden and all of our shareholders as we focus on executing our strategic plan and delivering value for all Fred’s Pharmacy stakeholders.”
“I am thrilled to work with Steve, Tim, Alden and the entire Fred’s Pharmacy board to capture the numerous value-creating opportunities that lie ahead for the company,” added Bloom. “I am confident we have the right team in place to advance our new healthcare-focused strategy and drive returns for our shareholders while delivering on our mission to improve the lives of our patients and customers.”
BD to acquire Bard for $24B
FRANKLIN LAKES, N.J. and MURRAY HILL, N.J. — BD will acquire C. R. Bard, a medical technology leader in the fields of vascular, urology, oncology and surgical specialty products, for $317 per Bard common share in cash and stock, for a total consideration of $24 billion. The agreement has been unanimously approved by the boards of directors of both companies.
According to BD, the combination will “create a highly differentiated medical technology company uniquely positioned to improve both the process of care and the treatment of disease for patients and healthcare providers. The transaction will build on BD’s leadership position in medication management and infection prevention with an expanded offering of solutions across the care continuum. Additionally, Bard’s strong product portfolio and innovation pipeline will increase BD’s opportunities in fast-growing clinical areas, and the combination will enhance growth opportunities for the combined company in non-U.S. markets.”
This transaction will be immediately accretive and is expected to generate high-single digit accretion to adjusted earnings per share in fiscal year 2019, stated BD.
“Combining with Bard will accelerate our ability to offer more comprehensive, clinically relevant solutions to customers and patients around the globe, creating a strong partner for healthcare providers who are increasingly focused on delivering better outcomes at a lower total cost,” said Vince Forlenza, BD’s chairman and CEO. “Our two purpose-driven organizations are well-aligned strategically, sharing a strong track record of performance and a deep commitment to addressing unmet needs in today’s challenging healthcare environment. We expect the transaction to contribute meaningfully to BD’s plans for revenue growth and margin expansion, and generate outstanding value both near- and long-term for shareholders. I am excited to welcome Bard’s talented employees to our strong and dedicated team as we bring together two companies with such complementary capabilities, values and strong reputations for delivering superior results.”
The transaction is subject to regulatory and Bard shareholder approvals and customary closing conditions, and is expected to close in the fall of 2017.
“We are confident that this combination will deliver meaningful benefits for customers and patients as we see opportunities to leverage BD’s leadership, especially in medication management and infection prevention,” said Tim Ring, Bard’s CEO. “We also believe that we can expand our access to customers and patients through BD’s strategic selling capabilities, and that our fast-growing portfolio in emerging markets can significantly benefit from their well-established international commercial infrastructure. Our two companies share the conviction that a product leadership strategy focused on unmet needs and improved outcomes that provide economic value to the global healthcare system will provide long-term shareholder returns.”