* Expects to close deal by June 30
* Lextron offers $4.25/shr
March 14 Lextron Inc plans to buy rival Animal
Health International for $111 million in cash to form
one of the largest animal health businesses, the companies said.
Under the deal, privately held Lextron will acquire all
outstanding shares of Animal Health for $4.25 per share, with
support from funds affiliated to private equity firm Leonard
Green and Partners LP.
Lextron's offer represents a premium of 11 percent to Animal
Health's Friday close, the companies said.
Lextron, which expects to close the deal by June 30, will
also assume about $140 million of Animal Health's debt.
Animal Health distributes drugs, vaccines and other
The companies said the combined organisation will be called
Animal Health International Inc.
Piper Jaffray is serving as financial adviser to Animal
Health while William Blair & Co is serving as financial adviser
Shares of Animal Health closed at $3.83 on Friday on Nasdaq.
(Reporting by Anand Basu in Bangalore; Editing by Sriraj