Catalyst stockholders approve SXC merger
Tuesday, July 3, 2012
Stockholders attending a special meeting for Catalyst Health Solutions, a fast-growing national pharmacy benefit management (PBM) company, have approved, among other things, the proposal to adopt the previously disclosed agreement and plan of merger with SXC Health Solutions, a Lisle, Ill.-based provider of PBM services and healthcare information technology solutions.
Catalyst and SXC will combine in a cash and stock transaction valued at approximately $4.75 billion (based on the SXC closing stock price on June 29, 2012). Catalyst stockholders will receive $28.00 in cash without interest and 0.6606 of a share of SXC stock for each Catalyst share.
Over 99% of the shares represented in person or by proxy at the special meeting, constituting approximately 88% of the total number of shares of Catalyst common stock issued and outstanding as of the record date, voted in favor of the proposal to adopt the merger agreement.
The merger is expected to become effective on July 2.