Clearwater oxygen supplier Lincare bought by Germany's Linde for $4.6 billion
Wake up and good morning. After some strong hints last week, home oxygen supplier Lincare -- one of Tampa Bay's bigger public companies -- on Sunday agreed to be acquired by the German giant Linde in a deal worth a whopping $4.6 billion. Lincare had annual revenue of $1.8 billion and 800,000 customers.
The companies said Sunday night that Linde will make a tender offer for all shares of Lincare at $41.50. That's up from the original $40 per share hinted at in earlier reports stemming from the Financial Times and this FT follow-up Sunday.
Lincare CEO John Byrnes, perhaps the least known CEO in this area running a large public company, said the deal affords Clearwater-based Lincare "benefits it would not be able to realize on its own."
The acquisition will be completed by the end of September, which will end LNCR as a publicly traded stock and again shrink the already modest number of area public companies with at least $1 billion in annual revenue.
-- Robert Trigaux, Business Columniust, Tampa Bay Times