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Kimberly-Clark Announces Definitive Agreement to Acquire I-Flow Corporation
Date:10/9/2009

expand our Health Care business to include higher-growth, higher-margin medical devices," said Joanne Bauer, president, Kimberly-Clark Health Care. "I-Flow will increase our medical device sales by more than 50 percent, add an innovative and successful technology to our growing portfolio of pain management and surgical solution products, and strengthen the depth and breadth of our sales force. Moreover, I-Flow has a solid track record of generating strong sales growth and healthy gross margins."

"Combining forces with a global leader such as Kimberly-Clark Health Care will enable future growth, and provide a platform to more broadly deliver pain relief and surgical site care, which is important for patients, physicians and healthcare providers," said Donald M. Earhart, chairman and chief executive officer of I-Flow.

Under the terms of the agreement, Kimberly-Clark will commence a tender offer to purchase all outstanding shares of I-Flow at $12.65 per share. The tender offer price represents a 31 percent premium to I-Flow's most recent 60-day average share price and is conditioned on the tender of a majority of the outstanding shares of I-Flow's common stock, calculated on a fully diluted basis. The Boards of Directors of both companies have unanimously approved the transaction. The transaction is expected to close in the fourth quarter of 2009, subject to customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Act and other foreign regulatory approvals.

Upon closing, the transaction is expected to be modestly dilutive to Kimberly-Clark's 2009 and 2010 earnings per share and accretive beginning in 2011.

Today's announcement represents the second acquisition that Kimberly-Clark Health Care has made in 2009 to further accelerate the growth of its medical device business. Earlier this week the company announced it acquired the pain management business of Montreal-based Baylis
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SOURCE Kimberly-Clark Corporation
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