Becton Dickinson & Co. (NYSE:BDX) and C.R. Bard (NYSE:BCR) said last week that the U.S. Federal Trade Commission wants more information on their pending $24 billion merger.
The move adds 30 days to the timeline for closing the $317-per-share deal, the companies said, but the acquisition is still slated to close in the fall.
“BD and Bard are cooperating fully with the FTC staff and will continue to do so. The BD and Bard businesses are highly complementary, and areas of overlap are minimal and not material to either the strategic or financial rationale of the pending acquisition,” they said.
Franklin Lakes, N.J.-based BD has said it plans to create a new segment, BD Interventional, to incorporate Bard’s businesses and named Tom Polen as president of the new division. The companies have said they intend to build upon Bard’s portfolio of peripherally inserted central catheters, midlines and drug delivery ports, as well as expand their presence in infection prevention.
Last week BD extended its exchange offer for up to $1.1 billion in outstanding Bard notes from June 5 to July 3. The company is offering exchanges for approximately $500 million of 4.4% Bard notes due 2021, $500 million of 3% notes due 2026 and $149.8 million in 6.7% notes due 2026.