April 23, 2018 / 10:24 AM / a month ago

BRIEF-Henry Schein To Spin Off And Merge Its Animal Health Business With Vets First Choice

April 23 (Reuters) - Henry Schein Inc:

* HENRY SCHEIN TO SPIN OFF AND MERGE ITS ANIMAL HEALTH BUSINESS WITH VETS FIRST CHOICE, CREATING AN INNOVATIVE APPROACH TO ADVANCING VETERINARY CARE

* HENRY SCHEIN INC - HENRY SCHEIN EXPECTS TO RECEIVE BETWEEN $1.0-$1.25 BILLION IN CASH ON A TAX-FREE BASIS

* HENRY SCHEIN - CO’S SHAREHOLDERS WILL OWN APPROXIMATELY 63% AND VETS FIRST CHOICE SHAREHOLDERS WILL OWN APPROXIMATELY 37% OF NEW COMPANY

* HENRY SCHEIN INC - COMPANY WILL HAVE COMBINED PRO FORMA 2017 SALES OF APPROXIMATELY $3.6 BILLION

* HENRY SCHEIN - WILL SPIN OFF ANIMAL HEALTH BUSINESS, WHICH WILL MERGE WITH VETS FIRST CHOICE FORMING AN INDEPENDENT PUBLIC COMPANY

* HENRY SCHEIN - WILL NOMINATE SIX INDIVIDUALS TO BOARD OF DIRECTORS AND VETS FIRST CHOICE WILL NOMINATE FIVE INDIVIDUALS TO BOARD

* HENRY SCHEIN INC - DEAL IS STRUCTURED AS A “REVERSE MORRIS TRUST” ONE INTENDED TO BE TAX-FREE TO HENRY SCHEIN SHAREHOLDERS FOR U.S. TAX PURPOSES

* HENRY SCHEIN INC - HSAH AND VETS FIRST CHOICE EXPECT SYNERGIES TO GROW ANNUALLY

* HENRY SCHEIN - STANLEY BERGMAN WILL SERVE ON BOARD MEMBER OF VETS FIRST CORP. AND WILL CONTINUE AS HENRY SCHEIN’S CHAIRMAN AND CEO

* HENRY SCHEIN INC - COMBINED COMPANY WILL BE HEADQUARTERED IN PORTLAND, MAINE

* HENRY SCHEIN INC - NEW COMPANY WILL BE CALLED VETS FIRST CORP

* HENRY SCHEIN INC - CO WILL NOMINATE CHAIR OF GOVERNANCE AND NOMINATING COMMITTEE OF VETS FIRST CORP

* HENRY SCHEIN INC - BEN SHAW, CEO OF VETS FIRST CHOICE, WILL BECOME CEO OF VETS FIRST

* HENRY SCHEIN - DAVID SHAW, CHAIRMAN OF BOARD AND CO-FOUNDER OF VETS FIRST CHOICE WILL SERVE AS CHAIRMAN OF VETS FIRST

* HENRY SCHEIN - EXPECTED THAT SHARES OF VETS FIRST STOCK TO BE DISTRIBUTED TO CO’S STOCKHOLDERS RELATED WITH SPIN-OFF & TO VETS FIRST CHOICE STOCKHOLDERS IN MERGER

* HENRY SCHEIN - HENRY SCHEIN ANIMAL HEALTH, VETS FIRST CHOICE EXPECT OPERATING. INCOME SYNERGIES FOR COMBINED BUSINESS TO BE OVER $100 MILLION BY THIRD YEAR AFTER DEAL Source text for Eikon: Further company coverage:

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