IPN goes super Sonic
Tuesday, 16 September, 2008
The proposed acquisition of the Independent Practitioner Network [ASX: IPN] by Sonic Healthcare [ASX: SHL] has been approved by IPN shareholders and will go ahead.
The companies received Federal Court approval to proceed with the merger yesterday.
IPN operates over 90 multidisciplinary medical practices in Australia. Sonic runs a number of pathology labs throughout the world, including Douglass Hanly Moir.
Under the arrangement, IPN shareholders will be given cash payments of $0.27 per share, just over the company's current trading price.
Sonic will take possession of all IPN shares on September 30.
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