Cardinal Health Finishes CareFusion Spinoff

Cardinal Health has completed its spinoff of CareFusion Corp., launching it as an independent publicly traded company, according to the Dublin, Ohio-based firm.

Cardinal Health has distributed a 0.5 share of CareFusion common stock for each outstanding share of Cardinal Health common stock held as of market close on Aug. 25.

About 222 million shares of CareFusion common stock were outstanding as of the distribution, including certain equity awards issued in the spinoff. Approximately 180 million shares were distributed to Cardinal Health shareholders of record as of Aug. 25, and approximately 41 million shares were retained by Cardinal Health, which it will divest within five years. CareFusion common stock will appear under ticker symbol “CFN.”

Additionally, the appointment of George Barrett as chairman and CEO of Cardinal Health became effective upon completion of the spinoff. The resignations of Philip Francis, Michael Losh and Michael O’Halleran from the Cardinal Health board of directors were also effective upon completion of the spinoff, with all three transitioning to the board of directors of CareFusion in connection with the spinoff. The new Cardinal Health board will consist of 10 members, including two new directors, Bruce L. Downey, effective yesterday and Glenn A. Britt, effective Oct. 1.

“The completion of the CareFusion spinoff marks a new day for Cardinal Health,” Barrett said. “We are focused on our role in helping make health care more cost-effective and our commitment to improving shareholder value.”