May 1, 2008 – Walgreens (NYSE:WAG)(NASDAQ:WAG) has completed its acquisition of I-trax, Inc., parent company of CHD Meridian Healthcare. CHD Meridian’s services include primary and acute care, wellness, pharmacy and disease management services and health and fitness programming. The acquisition positions Walgreens as the leading provider of worksite health services. CHD Meridian, combined with Walgreens wholly-owned subsidiary and convenient care clinic manager, Take Care Health Systems, and Whole Health Management, acquired at the same time as I-trax, will form the platform for the new Walgreens Health and Wellness division. Chadds Ford, Penn.-based I-trax/CHD Meridian and Cleveland-based Whole Health will combine to operate under the name, Take Care Employer Healthcare Solutions.
On March 17, Walgreens announced its intent to acquire I-trax, Inc. in a cash transaction valued at approximately $278 million, including the assumption of debt. The $5.40 per share cash offer represented a 40% premium to the 10-day trading average. On April 25, Walgreens announced the successful completion of the tender offer for I-trax. On April 30, Walgreens completed its acquisition of I-trax through a merger in which all shares of I-trax common and preferred stock not validly tendered and purchased in the tender offer were converted into the right to receive cash consideration equal to the applicable tender offer purchase price per share. As a result of the merger, I-trax became a wholly-owned subsidiary of Walgreens and the shares of I-trax were withdrawn from trading on the American Stock Exchange.
For more detail see the press release and the May 30th interview with I-Trax Chair Frank Martin.
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