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DALLAS — Kimberly-Clark Corp. has completed its initial tender offer for all outstanding shares of common stock of I-Flow Corp., a maker of drug delivery systems and products for post-surgical pain relief and surgical site care.
About 87% of the outstanding shares of Lake Forest, Calif.-based I-Flow were tendered in the offer, Kimberly-Clark said Wednesday.
The company announced the acquisition, valued at about $276 million, early last month, saying the deal furthers its strategy to expand its health care business.
Kimberly-Clark also has begun a subsequent tender offer to acquire the remaining common shares of I-Flow.
After that offering period expires next week, Kimberly-Clark plans to complete the acquisition of all remaining shares via a merger. Once the merger is done, I-Flow will operate as part of Kimberly-Clark Health Care, the company said.
