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| Company |
Code |
Released |
Type |
Headline |
| Software of Excellence International Limited |
SOE |
1 Oct, 2007, 09:32 |
TAKEOVER |
HENRY SCHEIN RECEIVES SUFFICIENT ACCEPTANCES TO
ACQUIRE SOE |
| Full Text of Announcement |
HENRY SCHEIN RECEIVES SUFFICIENT ACCEPTANCES TO
ACQUIRE SOFTWARE OF EXCELLENCE LIMITED
Will Establish Leading Positions in
the UK, Australian and New Zealand Dental Practice
Software Market
MELVILLE, N.Y. - September 30, 2007 - Henry Schein,
Inc. (Nasdaq: HSIC), the largest provider of
healthcare products and services to office-based
practitioners in the combined North American and
European markets, today announced it has received
sufficient acceptances of its offer to acquire
Software of Excellence International Ltd., (NZX: SOE),
for NZ$2.90 per share. Excluding transaction costs,
the total purchase price is NZ$82.0 million
(approximately $61.4 million). Henry Schein expects
the transaction to be neutral to 2007 earnings and
slightly accretive to 2008 earnings. Henry Schein
expects the acquisition to close shortly.
"Software of Excellence has been delivering
innovative solutions to Dental professionals since
1988," said Stanley M. Bergman, Chairman and
Chief Executive Officer of Henry Schein.
"Software of Excellence's clinical and practice
management software will be an important addition to
Henry Schein, supporting our objective to be a full
service provider to our customers. On behalf of Team
Schein, we are very happy to welcome CEO Brian
Weatherly and his management team to Henry Schein."
"We look forward to joining Team Schein, an
established leader in providing innovative solutions
to the dental community," said Brian Weatherly,
Chief Executive Officer of Software of Excellence.
"Together we will be able to offer integrated
solutions to our dental customers, enabling them to
spend more time delivering quality care to their
patients."
Henry Schein noted that it has received acceptances
from Software of Excellence shareholders equal to
approximately 91.9% of the voting rights of Software
of Excellence and has begun the necessary process to
compulsorily acquire the remaining shares.
About Software of Excellence
Software of Excellence is a leading supplier of
practice management systems to both private and public
health dentists in the United Kingdom, and is also the
largest supplier of dental software in Australia and
New Zealand. The Company serves more than 5,000
practices in the United Kingdom, Ireland, Australia
and New Zealand and had revenue from continuing
operations of approximately $19.1 million for its year
ended March 31, 2007.
About Henry Schein
Henry Schein, a Fortune 500® company, is recognized
for its excellent customer service and highly
competitive prices. The Company's four business groups
- Dental, Medical, International and Technology -
serve more than 500,000 customers worldwide, including
dental practitioners and laboratories, physician
practices and animal health clinics, as well as
government and other institutions. The Company
operates through a centralized and automated
distribution network, which provides customers in more
than 200 countries with a comprehensive selection of
more than 85,000 national and Henry Schein
private-brand products in stock, as well as more than
100,000 additional products available as special-order
items.
Henry Schein also offers a wide range of innovative
value-added practice solutions for healthcare
professionals, such as ArubA®, the Company's
electronic catalog and ordering system. Its leading
practice-management software solutions have been
installed in more than 50,000 practices, including
DENTRIX® and Easy Dental® for dental practices,
MicroMD® for physician practices, and AVImark® for
animal health clinics.
Headquartered in Melville, N.Y., Henry Schein employs
nearly 12,000 people and has operations in 19
countries. The Company's net sales reached a record
$5.05 billion in 2006. For more information, visit the
Henry Schein Web site at www.henryschein.com.
In accordance with the "Safe Harbor"
provisions of the Private Securities Litigation Reform
Act of 1995, we provide the following cautionary
remarks regarding important factors which, among
others, could cause future
results to differ materially from the forward-looking
statements, expectations and assumptions expressed or
implied herein. All forward-looking statements made by
us are subject to risks and uncertainties and are not
guarantees of future performance. These
forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause
our actual results, performance and achievements, or
industry results to be materially different from any
future results, performance or achievements expressed
or implied by such forward-looking statements. These
statements are identified by the use of such terms as
"may," "could,"
"expect," "intend,"
"believe," "plan,"
"estimate," "forecast,"
"project," "anticipate" or other
comparable terms. A full discussion of our operations
and financial condition, including factors that may
affect our business and future prospects, is contained
in documents we have filed with the SEC and will be
contained in all subsequent periodic filings we make
with the SEC. These documents identify in detail
important risk factors that could cause our actual
performance to differ materially from current
expectations.
Risk factors and uncertainties that could cause actual
results to differ materially from current and
historical results include, but are not limited to:
competitive factors; changes in the healthcare
industry; changes in government regulations that
affect us; financial risks associated with our
international operations; fluctuations in quarterly
earnings; our dependence on third parties for the
manufacture and supply of our products; transitional
challenges associated with acquisitions; financial
risks associated with acquisitions; regulatory and
litigation risks; the dependence on our continued
product development, technical support and successful
marketing in the technology segment; our dependence
upon sales personnel and key customers; our dependence
on our senior management; possible increases in the
cost of shipping our products or other service trouble
with our third-party shippers; risks from rapid
technological change; risks from potential increases
in variable interest rates; possible volatility of the
market price of our common stock; certain provisions
in our governing documents that may discourage
third-party acquisitions of us; and changes in tax
legislation that affect us. The order in which these
factors appear should not be construed to indicate
their relative importance or priority.
We caution that these factors may not be exhaustive
and that many of these factors are beyond our ability
to control or predict. Accordingly, forward-looking
statements should not be relied upon as a prediction
of actual results. We undertake no duty and have no
obligation to update forward-looking statements.
CONTACTS: Steven Paladino
Executive Vice President and Chief Financial Officer
steven.paladino@henryschein.com
(631) 843-5500
Investors: Neal Goldner
Vice President, Investor Relations
neal.goldner@henryschein.com
(631) 845-2820
Media: Susan Vassallo
Vice President, Corporate Communications
susan.vassallo@henryschein.com
(631) 843-5562 |
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