Brief: Becton Dickinson to buy Bard for $24 billion
23/04/2017 22:47
April 24 (Reuters) - C R Bard Inc BCR.N
* BD to acquire Bard for $24 billion
* Deal immediately accretive and expected to generate high
single-digit accretion to adjusted EPS in fiscal year 2019 to
Becton Dickinson
* BD will acquire Bard for $317.00 per bard common share in
cash and stock
* Agreement has been unanimously approved by boards of
directors of both companies
* Approximately $300 million of estimated annual, pre-tax,
run-rate cost synergies are expected by fiscal year 2020 for
Becton Dickinson
* BD also expects to benefit from revenue synergies
beginning in fiscal year 2019
* Transaction is expected to improve BD's gross margins by
approximately 300 basis points in fiscal year 2018
* Deal expected to increase BD's earnings per share growth
trajectory to mid-teens, and generate strong cash flow
* Bd expects to contribute approximately $1.7 billion of
available cash to fund transaction
* BD also expects to fund deal with about $10 billion of new
debt and about $4.5 billion of equity and equity linked
securities
* At deal closing, Bard shareholders will own approximately
15 percent of combined company
* Bard shareholders will also receive $8 billion of BD
common stock
Source text for Eikon: ID:nPn3tD1fLa
Further company coverage: BCR.N
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