BD closes $24B Bard buy-out

Becton Dickinson & Co. (NYSE:BDX) said today that it completed its buy-out of C.R. Bard (NYSE:BCR).

The combined company boasts $16 million in yearly revenue. The $317-per-share deal was first announced in April and in the past few months won conditional approval in the E.U., the U.S. and China.

“Today is a historic day for BD as we welcome Bard and its 16,000 associates to BD,” chairman & CEO Vincent Forlenza said in prepared remarks.

“These companies each have a legacy of more than 100 years of advancing the world of health and supporting those on the frontlines of health care. We look forward to continuing to lead the industry through innovation and partnerships that bring more valuable solutions to our customers and their patients.”

According to the terms of the buy-out, Bard is now a wholly-owned subsidiary of BD and each outstanding share of Bard common stock has been converted to the right to receive $222.93 in cash without interest and 0.5077 of a share of BD common stock.

Now that the acquisition is complete, Bard shares will stop trading and will be delisted from the New York Stock Exchange, the company reported.

Becton Dickinson said is doesn’t expect the deal to have a material impact on its financial results in the first quarter of fiscal 2018, which ends on Dec. 31, excluding transaction-related expenses.

The company added that it expects the acquisition to bring about low-single digit accretion to adjusted EPS in fiscal 2018 and high-single digit accretion in fiscal 2019.