Clinical Data Revises Offer for Moore Medical
Clinical Data Inc. has lowered its Feb. 23 offer to buy Moore Medical Corp. after a dip in its stock price.Clinical Data is pursuing Moore Medical despite an agreement between Moore Medical and McKesson Corp., a distributor of surgical supplies and pharmaceuticals, for McKesson to acquire the company for $12 per share in cash or about $40 million.
Clinical Data had offered 0.698 shares of its common stock for each share of Moore Medical in a letter Feb. 23 to Moore Medical. At the time the price was $15.84 per share, or about $50.5 million.
However, yesterday's letter stated that "based upon Clinical Data's closing price as reported by the Nasdaq Market on Feb. 25, the value to be offered for Moore Medical would be $12.42 per share, or approximately $37.4 million."
To sweeten its offer compared with McKesson's bid, Clinical Data said it would add $2 per share to its offer.
Clinical Data closed at $22.70 on Feb. 23 and $17.80 on Feb. 25.
Moore Medical, New Britain, CT, said after the Feb. 23 offer that its board of directors would evaluate Clinical Data's proposal "consistent with its obligations under the McKesson agreement."
Clinical Data, Newton, MA, provides products and consulting services to the physician office laboratory market and offers blood chemistry instrumentation and diagnostic assays to clinics and small hospitals worldwide.
Moore Medical is a multichannel marketer and distributor of medical, surgical and pharmaceutical products to 100,000 healthcare practices and facilities in non-hospital settings nationwide. The company markets to and serves its customers via direct mail, telephone support staff, field sales representatives, customer community affiliates and the Internet.
SJ Strategic Investments LLC also was interested, but no longer is pursuing its offer. It had offered $15 per share in cash.
