Dublin
Cardinal Says Acquisition Target May Have Made Improper Payments
November 6, 2002

An Ohio-based drug wholesaler says a California-based company it plans to acquire may have made improper payments to customers overseas.

Dublin-based Cardinal Health says it discovered the payments while reviewing operations at Syncor International.

Cardinal was conducting the review before proceeding with a $1 billion takeover of Syncor, a nuclear pharmacy services company based in Los Angeles.

Syncor says it has disclosed the payments to the federal government and is cooperating with authorities. The company's chairman and the head of its Asian operations are on paid leave.

Cardinal says a meeting for Syncor shareholders to vote on the merger has been pushed back from November 19th to December Sixth.

Associated Press and Dispatch Productions, Inc., 2002. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

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