Navigation Links
Cardinal Health Completes Spinoff of CareFusion Corp.
Date:9/1/2009

DUBLIN, Ohio, Sept. 1 /PRNewswire-FirstCall/ -- Cardinal Health today announced it has completed the spinoff of CareFusion Corp. (NYSE: CFN) through a pro rata distribution of approximately 81 percent of the shares of CareFusion common stock, effectively launching it as an independent, publicly traded company.

After the close of business yesterday, Cardinal Health distributed 0.5 share of CareFusion common stock for each outstanding share of Cardinal Health common stock held as of market close on Aug. 25, the record date for the distribution. Approximately 222 million shares of CareFusion common stock were outstanding as of the distribution, including certain equity awards issued in the spinoff. Approximately 180 million shares were distributed to Cardinal Health shareholders of record as of Aug. 25, and approximately 41 million shares were retained by Cardinal Health, which it will divest within five years. CareFusion common stock will begin regular way trading today on the New York Stock Exchange under ticker symbol "CFN."

Additionally, the appointment of George S. Barrett as chairman and chief executive officer of Cardinal Health became effective upon completion of the spinoff on Aug. 31. The resignations of Philip Francis, Michael Losh and Michael O'Halleran from the Cardinal Health board of directors were also effective upon completion of the spinoff, with all three transitioning to the board of directors of CareFusion in connection with the spinoff. As previously announced, the new Cardinal Health board will consist of 10 members, including two new directors, Bruce L. Downey, effective yesterday and Glenn A. Britt, effective Oct. 1.

"The completion of the CareFusion spinoff marks a new day for Cardinal Health," Barrett said. "We are focused on our role in helping make health care more cost-effective and our commitment to improving shareholder value."

Cardinal Health is expected to benefit from enhanced management focus and sharper strategic vision, as well as improved opportunities to make investments in growth areas. In addition, the spinoff is expected to improve the alignment of management and employee incentives with performance and growth objectives at the company. The completion of the spinoff also allows Cardinal Health to adopt the capital structure, investment policy and dividend policy best suited to the financial profile and needs of the business.

About Cardinal Health

Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a Fortune 18 health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals and ambulatory care sites focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability. As one of the largest health care companies in the world, Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 40,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com.

Cautions Concerning Forward-Looking Statements

This news release contains forward-looking statements addressing matters that are dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. In addition, Cardinal Health and CareFusion are subject to risks and uncertainties described in CareFusion Corporation's Form 10 registration statement and Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those reports. This news release reflects management's views as of September 1, 2009. Except to the extent required by applicable law, Cardinal Health and CareFusion undertake no obligation to update or revise any forward-looking statement.


'/>"/>
SOURCE Cardinal Health, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Cardinal Health Announces $1.2 Billion Debt Tender Offer
2. Cardinal Health Reports Fiscal 2009 Results, Provides Fiscal 2010 Outlook
3. George Barrett Named Chairman and CEO of Cardinal Health
4. NFL Cardinals Wide Receiver Larry Fitzgerald Promotes Vision Therapy
5. Cardinal Health Welcomes Record Number of Attendees at its Annual Independent Pharmacy Trade Show
6. Cardinal Health Announced as Title Sponsor of the Health Connect Partners 2009 Fall Hospital Pharmacy Conference
7. Cardinal Health Names Patricia Morrison Chief Information Officer
8. Cardinal Health Board of Directors Approves CareFusion Spinoff
9. Cardinal Rigali Criticizes Final NIH Guidelines for Destructive Stem Cell Research
10. Cardinal Health Renews Distribution Agreement With CVS Caremark
11. Cardinal Health Appoints Bruce Downey to Board of Directors; John McCoy Retires From Board After 22 Years
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2017)... DC (PRWEB) , ... June 27, 2017 , ... Children’s ... Best Children’s Hospitals rankings, with its Neonatology program ranking #1 out of more ... was also named to the coveted Honor Roll, a distinction given to the top ...
(Date:6/26/2017)... (PRWEB) , ... June 26, 2017 , ... ... group in the country, today announced the hiring of Richard Robinson as chief ... diverse leadership and operations experience, with a proven track record of simplifying business ...
(Date:6/26/2017)... ... June 26, 2017 , ... ... and consumers are seeing lots of red these days. According to recent estimates, ... that result from medical coding errors(1). Some studies point to Electronic Health Records ...
(Date:6/25/2017)... ... June 24, 2017 , ... Create a feel-good lyric music video in Final Cut ... sound in the timeline and write in the lyrics to any song. ProLyric flies in ... Each line of the text can be added modularly for optimal control. ProLyric makes editing ...
(Date:6/25/2017)... ... 25, 2017 , ... With a heatwave currently bearing down on Northern California pushing temperatures to ... Being swimsuit ready is easy with laser hair removal. , The process of summer ... burdensome routine when all you want to do is get out, dive in and cool ...
Breaking Medicine News(10 mins):
(Date:6/5/2017)... , June 5, 2017 The Cincinnati ... of Diplomat Pharmacy, Inc. (NYSE: DPLO), has been awarded a ... Enquirer . Results are based on an employee ... organizational health and workplace improvement. The survey measures several aspects ... ...
(Date:6/3/2017)... , June 3, 2017  Eli Lilly and ... that results from the Phase 3 MONARCH 2 ... & 6 inhibitor, in combination with fulvestrant, significantly ... fulvestrant alone in women with hormone-receptor-positive (HR+), human ... cancer who have relapsed or progressed after endocrine ...
(Date:6/1/2017)... 2017 Nutriceutical Holdings (NH), parent company of ... and KD Pharma Group have decided to join forces ... Pharma Group. KD Pharma Group will become the largest ... the entire company. "We believe we have ... to growing the NH companies by providing us with ...
Breaking Medicine Technology: