Cardinal Health Inc. (NYSE:CAH) offloaded its remaining stake in CareFusion Corp. (NYSE:CFN) in a block trade to Morgan Stanley for $705.9 million.
The Dublin, Ohio-based drug wholesaler’s 30.5 million shares represented a 13.7 percent stake in the company, which Cardinal spun out a year ago this month.
CareFusion said it would lay off 700 workers, or 4.7 percent of its global workforce, as it hoped to generate $95 million in annual savings after a 66 percent net income slide during fiscal 2010.
The San Diego-based medical device developer posted bottom line declines for both the fourth quarter and its first year as a public company, prompting it to slash its workforce despite positive sales growth.
