VOL. 113 | NO. 171 | Tuesday, September 7, 1999
New American Healthcare
New American Healthcare Corp. announced that it had completed the sale of Delta Medical Center -Memphis to a company owned by Neil G. McLean and Craig B. Watson, former employees and founding officers of New American Healthcare. Delta Medical Center is one of the hospitals New American Healthcare had previously announced its intent to sell. Terms of the transaction were not disclosed.
Excluding Delta Medical Center, New American Healthcare owns nine acute care hospitals located in seven states with 955 licensed beds.
Jabil Circuit Inc. announced it has completed the purchase of EFTC Services Inc., an electronic product service and repair business. Jabil Global Services will continue to offer repair and warranty services for existing and future customers from its hub-based operations in Memphis; Louisville, Ky.; and Tampa, Fla. The purchase price of about $30 million was paid in cash. Other financial terms of the proposed transaction were not disclosed. All EFTC Services employees as well as key management have been retained, including Allen Braswell, who will serve as president of Jabil Global Services. Jabil Circuit Inc. is an electronic manufacturer of circuit board assemblies and systems for communications, personal computers, peripherals, automotive and consumer products
Smith & Nephew announced the completion of two transactions.
Smith & Nephew Inc. controls 96.47 percent of the outstanding shares of Exogen Inc. common stock and let its subsidiary's tender offer for additional shares expire, officials for the health care company said last week. The offer expired at midnight on August 31 and all purchase closing conditions have been met or waived. A Smith & Nephew subsidiary accepted the tendered shares as payment and is expected to merge with and into Exogen later this month, with each unpurchased share of Exogen being converted into the right to receive $5.15 in cash, Smith & Nephew said in a statement. Piscataway, N.J.-based Exogen produces non-invasive ultrasound devices for accelerated bone fracture healing. In a separate statement, Smith & Nephew said that it completed its acquisition of parts of 3M's shoulder and hip implant and instrumentation product lines.