German company Linde AG to acquire Lincare for $4.6 billion

CLEARWATER, Fla., July 2, 2012—Linde AG, a German company specializing in industrial gases, has entered an agreement for the acquisition of Lincare Holdings, Inc., a leading U.S. provider of respiratory therapy, oxygen and other home medical services, for a cash offer of $4.6 billion.

Under the terms of the agreement announced jointly, Linde will make a tender offer for all outstanding shares of common stock of Lincare at $41.50 per share in cash. After the stock purchase Linde intends to complete the acquisition of Lincare through a merger, making Lincare a wholly owned subsidiary, the joint statement said.

Lincare’s board of directors unanimously approved the transaction, and the $41.50 price represents a 64-percent increase over Lincare’s share price of  $25.26 on June 26, 2012—the day before press reports started fueling speculation about a deal and causing stock prices to rise.

Linde officials said the acquisition will expand its presence in the growing home medical market in the U.S. “Against the background of demographic changes, the healthcare industry is a megatrend in which we will be able to participate more strongly thanks to the new setup,” a company official said. “Together with Lincare, we will become the global leading healthcare provider within the gases industry and further internationalize our business.”

Linde’s U.S. subsidiary, LifeGas, already has a close business relationship with Lincare, which provides services and equipment to more than 800,000 people in the U.S. and Canada at 1,091 locations. Lincare has 10,841 employees. Visit www.lincare.com.