Approval brings SXC Health Solutions one step closer to acquiring National Medical Health Card

By Lisa Kerner

Charlotte, N.C., April 1 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed acquisition of National Medical Health Card Systems, Inc. by SXC Health Solutions Corp., according to a form 8-K filing with the Securities and Exchange Commission.

In February, SXC Health Solutions agreed to acquire National Medical Health Card Systems in a stock and cash deal valued at approximately $143 million, or some $11.00 per share.

For each share held, National Medical Health Card Systems stockholders will receive $7.70 in cash and 0.217 of a share of SXC Health Solutions common stock.

The combined company will be renamed informedRx, the companies said.

SXC Health Solutions previously said it planned to finance a portion of the purchase price through a secured $48 million term loan combined with a $10 million revolving credit facility from a syndicate led by GE Healthcare Financial Services.

National Medical Health Card is a pharmacy benefits management services company based in Port Washington, N.Y.

SXC Health Solutions also provides pharmacy benefits management services as well as information technology solutions to the health care benefits management industry.

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