Akorn Inc To Acquire Hi-Tech Pharmacal Co., Inc. For $640 Million


Tuesday, 27 Aug 2013 07:00am EDT 

Akorn Inc and Hi-Tech Pharmacal Co., Inc. announced that they have entered into a definitive agreement under which Akorn will acquire Hi-Tech for $640 million in cash. Under the terms of the agreement, Akorn will pay $640 million in cash, or $43.50 per share. Under the terms of the agreement, Akorn will acquire Hi-Tech for $640 million, or $43.50 per share. Akorn intends to fund the transaction through a combination of Hi-Tech cash assumed and approximately $600 million in term loan borrowings. As of the fiscal year-ended April 30, 2013, Hi-Tech had $100.6 million in cash and cash equivalents. Fully committed financing for the transaction has been provided by JPMorgan Chase Bank, N.A. 

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