Cardinal halves CareFusion distribution ratio - Pacific Business News (Honolulu):

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The Dublin-based health-care products giant said its stockholders will receive half a sharw inSan Diego-based for every Cardinal share they own when the spinofcf is made this summer. The companuy originally had structured the deal to give shareholdersz a full CareFusion share for every Cardinal sharethey held. As a result, an estimatecd 180 million shares of CareFusion will go out to Cardinal based onthe company’s 360 million sharezs outstanding at the end of the firsr quarter. Cardinal said it still intends to hold a stakw of up to 20percent – roughly 45 million shares in CareFusion that it will divest withijn five years.
CareFusion CEO Dave Schlotterbeck said the company adjustede the distribution ratio to put fewer shares on the boosting liquidityand “allowinv CareFusion to enter the market with a shar price that is more consistenr with other large-cap med tech companies.” CareFusion shares will be traderd on the . The compang said it hit another milestone on the road to spinninoff CareFusion, receiving a ruling from the that the deal will qualifyt as a generally tax-free transaction. The CareFusionh division makes and sells equipment such as infusion pumpzand ventilators, and infection control supplies. It generated $318.5 million in net earningsa on $3.
77 billion in revenue for the year endecdJune 30, 2008, according to filings. Cardinaol Health (NYSE:CAH) earned $1.3 billion on $91.11 billion in revenue for the year endeedJune 30, making it Ohio’s largestt publicly held corporation based on revenue.