Moore Medical Corp. said last week that SJ Strategic Investments LLC, which had offered to buy the company for $15 per share in cash, no longer will pursue its offer.
No details were available on why SJ Strategic Investments changed its mind.
Moore Medical signed an agreement Jan. 19 with McKesson Corp. to acquire all of the company's outstanding common stock for $12 per share in cash. Moore Medical has filed with the Securities and Exchange Commission its preliminary proxy statement relating to the McKesson transaction and intends to proceed to complete the deal.
Moore Medical is a multichannel marketer and distributor of medical, surgical and pharmaceutical products to about 100,000 healthcare practices and facilities in non-hospital settings nationwide including physicians, emergency medical technicians, schools, correctional institutions, municipalities, occupational/industrial doctors and nurses and other specialty practice communities. The company markets and serves its customers via direct mail, telephone support staff, field sales representatives, customer community affiliates and the Internet.