New Suitor Joins Bidding for Moore Medical
Clinical Data Inc. CEO Israel M. Stein is the latest suitor for Moore Medical Corp. Clinical Data said yesterday that it faxed a letter Feb. 23 to Moore Medical president/CEO Linda M. Autore.
McKesson Corp., a distributor of surgical supplies and pharmaceuticals, offered to acquire Moore Medical last month for $12 per share in cash or about $40 million.
Clinical Data, Newton, MA, offered $15.84 per share, or about $50.5 million.
SJ Strategic Investments LLC also was interested, but no longer is pursuing its offer. It had offered $15 per share in cash.
"We continue to believe strongly that such a combination would provide substantially greater value to the stockholders of Moore Medical than the value contemplated by Moore Medical's previously announced acquisition by McKesson Corp.," the Clinical Data letter said.
Moore Medical, New Britain, CT, said in a statement yesterday that its board of directors would evaluate the Clinical Data proposal "consistent with its obligations under the McKesson agreement."
Clinical Data 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.