DEERFIELD, Ill.—Drugstore operator Walgreen Co. said Friday it completed a tender offer for worksite health center operator I-trax Inc.
Walgreen said shareholders tendered about 40.6 million shares, or 96.3 percent, of I-trax's common stock.
Last month Walgreen said it would buy I-trax and Whole Health Management as part of its plan to form a new health and wellness division. The Conshohocken, Pa.-based unit is also expected to include Walgreen subsidiary and retail health care clinic operator Take Care Health Systems.
Walgreen acquired I-trax for $5.40 per share, or $223.1 million based on I-trax's 41.3 million shares outstanding as of Nov. 7. In March, Walgreen valued the deal at $278 million, including the assumption of $18.3 million in debt.
I-trax is expected to merge with Walgreen unit Putter Acquisition Sub Inc. and will no longer trade on the American Stock Exchange. I-trax and Whole Health Management will function under the name Take Care Employer Healthcare Solutions.
