McKesson, PSS Deal Continues Medical Consolidation
Posted on October 25, 2012 at 15:22 PM EDT
The drug wholesaler McKesson (MCK) is buying medical products distributor PSS World Medical (PSSI) for $1.46 billion, as the sector's mergers and consolidations continue. McKesson also reported better-than expected fiscal second-quarter earnings. Shares rose 4.1% to 93.20, hitting a three-month high. PSS shares surged 32% to 28.58 late in the session, just under the $29-per-share cash offer. "By preserving the strengths of both businesses, the