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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
DATE OF REPORT --AUGUST 23, 1994
(Date of earliest event reported)
MEDIQ INCORPORATED
(Exact name of Registrant as specified in its charter)
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DELAWARE 1-8147 51-0219413
(State of incorporation) (Commission file number) (IRS employer
identification number)
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ONE MEDIQ PLAZA, PENNSAUKEN, NJ 08110
(Address of principal executive offices, zip code)
AREA CODE (609) 665-9300
(Telephone number)
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ITEM 5. OTHER EVENTS.
The Registrant announced on August 23, 1994 that it had entered into an
agreement to acquire certain of the assets of KCI Medical Services, the medical
equipment rental division of Kinetic Concepts, Inc. ('KCI'), for a purchase
price of approximately $65 million in cash and approximately $19 million
principal amount of notes payable to KCI. Completion of the acquisition is
expected in September 1994 and is subject to certain conditions, including
clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibits
99 Press Release, dated August 23, 1994. 3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEDIQ Incorporated____________________
(Registrant)
/S/__MICHAEL F. SANDLER_______________
Michael F. Sandler
Senior Vice President -- Finance
& Chief Financial Officer
Date: August 31, 1994
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NEWS RELEASE
August 23, 1994
Michael F. Sandler
Senior Vice President -- Finance
MEDIQ Incorporated
609-665-9399
MEDIQ INCORPORATED SIGNS AGREEMENT TO ACQUIRE ASSETS OF KCI MEDICAL SERVICES
PENNSAUKEN, NJ -- MEDIQ Incorporated (AMEX-MED) and Kinetic Concepts, Inc.
(NASDAQ-KNCI) announced today the signing of an agreement for MEDIQ to acquire
certain of the assets of KCI Medical Services (KCI's medical equipment rental
division) for a purchase price of approximately $65 million in cash and
approximately $19 million principal amount of notes payable to KCI. Completion
of the acquisition is expected in September 1994 and is subject to certain
conditions, including clearance under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976.
Bernard J. Korman, President and Chief Executive Officer of MEDIQ, stated
that 'The acquisition of approximately 44,000 units of critical care and life
support equipment will enable the Company to expand its market share in
servicing acute care hospitals and the growing sub-acute, nursing home and home
healthcare provider markets. In addition, operating margins will be enhanced
with the addition of approximately $45 million of incremental rental revenues
into the Company's national distribution system.'
Commenting on the signing of the agreement, James R. Leininger, M.D., KCI's
Chairman, President and Chief Executive Officer, said, 'The sale of KCI Medical
Services is a significant step in our strategic plan to focus our energies on
our specialty patient surface business and the acquisition and development of
new products and technologies.'
MEDIQ provides essential healthcare services in a cost effective manner to
a variety of healthcare providers. MEDIQ's principal businesses include
MEDIQ/PRN Life Support Services, Inc., the country's leading provider of life
support and critical care equipment on a rental basis, and the Diagnostic
Imaging Services Group, which provides portable x-ray, nuclear imaging and
ultrasound services. MEDIQ also owns significant equity interests in publicly
traded companies, NutraMax Products, Inc. (NASDAQ-NMPC), PCI Services, Inc.
(NASDAQ-PCIS), and MMI Medical, Inc. (NASDAQ-MMIM). MEDIQ's securities trade on
the American Stock Exchange under these symbols: common stock (MED), preferred
stock (MED.Pr), convertible debentures (MED.C) and subordinated debentures
(MED.NP) exchangeable into shares of NutraMax.
KCI is a healthcare company that provides therapies, services and specialty
products to select markets worldwide.
