Fisher Scientific/PSS World Medical
This article was originally published in The Gray Sheet
Executive Summary
Stock-swap merger between the medical-products distributors is terminated by mutual consent, the companies announce Sept. 1. The announcement follows a decline in the price of Fisher stock, reducing the value of its bid for PSS to less than $500 mil., down from over $800 mil. on June 22, when the deal was announced (1"The Gray Sheet" June 26, 2000, p. 13). Fisher says it will continue to seek other acquisitions. There will be no breakup fee
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Fisher Scientific International
Secondary offering of 12 mil. shares at $24 each, including 11 mil. shares offered by the firm and 1 mil. shares offered by selling shareholders, is announced May 3. Proceeds will be used for general corporate purposes, "including potential acquisitions," Fisher says. The Hampton, New Hampshire firm has granted an over-allotment option to purchase an additional 1.8 mil. shares to underwriters Goldman Sachs, Credit Suisse First Boston, JP Morgan, Merrill Lynch, and Morgan Stanley. Fisher's proposal to merge with medical products distributor PSS World Medical was terminated in September 2000 (1"The Gray Sheet" Sept. 11, 2000, p. 24). At the time, the firm said it would continue to seek other acquisitions