UPDATE: CareFusion (CFN) Stock Drops After Smiths Group Deal Falls Apart
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(Updated - August 2, 2013 11:43 AM EDT)
CareFusion (NYSE: CFN) stock dropped on Friday. The fall relates to news Smiths Group was not able to reach an agreement on potential acquisition of its medical equipment division by CareFusion.
The following statements were made on Smiths Group's website:
"Further to the announcement made on 31 May 2013 about a preliminary approach for the Medical division, Smiths Group announces that it has not proved possible to reach agreement with the potential counterparty on acceptable terms for a transaction. Discussions have therefore been terminated."
"In reaching this conclusion, the Board has taken full account of the quality and highly cash generative nature of Smiths Medical, both standalone and in the context of the Group as a whole."
The following statements were made on Smiths Group's website:
"Further to the announcement made on 31 May 2013 about a preliminary approach for the Medical division, Smiths Group announces that it has not proved possible to reach agreement with the potential counterparty on acceptable terms for a transaction. Discussions have therefore been terminated."
"In reaching this conclusion, the Board has taken full account of the quality and highly cash generative nature of Smiths Medical, both standalone and in the context of the Group as a whole."
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