U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934, Section 17(a) of the Public Utility Holding Company Act
of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
CARDINAL HEALTH, INC.
(Last) (First) (Middle)
5555 GLENDON COURT
(Street)
DUBLIN, OHIO 43016
(City) (State) (Zip)
2. Date of Event Requiring Statement
(Month/Day/Year)
11/27/96
3. IRS or Social Security Number of Reporting Person (Voluntary)
31-0958666
4. Issuer Name and Ticker or Trading Symbol
OWEN HEALTHCARE, INC. (OWN)
5. Relationship of Reporting Person to Issuer (Check all applicable)
/ / Director
/X/ 10% Owner
/ / Officer (give title below)
/ / Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing
/X/ Form filed by one reporting person
/ / Form filed by more than one reporting person<PAGE>
<TABLE>
Table I -- Non-Derivative Securities Beneficially Owned
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Form: Direct Ownership (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
<S> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instruction 5(b)(v).<PAGE>
FORM 3 (Continued)
<TABLE>
Table II--Derivative Security Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
<CAPTION>
1. Title of Derivative 2. Date Exer- 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of
Security (Instr. 4) cisable and Securities Underlying sion or ship Indirect
Expiration Derivative Security Exercise Form of Beneficial
Date (Instr. 4) Price of Deriv- Ownership
(Month/Day/ Deri- ative (Instr. 5)
Year) vative Security:
Security Direct
Date Expira- Title Amount (D) or
Exer- tion or Indirect
cisable Date Number (I)
of (Instr. 5)
Shares
<S> <C> <C> <C> <C> <C> <C>
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Options to purchase (1) (1) Common Stock 3,396,750 (1) D
shares of Common Stock,
without par value
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</TABLE>
Explanation of Responses:
(1) Pursuant to the Stock Option Agreement, dated as of November
27, 1996 (the "Stock Option Agreement"), between Cardinal
Health, Inc., an Ohio corporation ("Cardinal"), and Owen
Healthcare, Inc., a Texas corporation ("Owen"), Owen granted
Cardinal an irrevocable option (the "Option") to purchase from
Owen, under certain circumstances and subject to certain
adjustments, up to 3,396,750 authorized and unissued shares of
Owen Common Stock, at a price per share (the "Purchase
Price"), payable in cash, equal to the lower of (x) $27.25 or
(y) the exchange ratio under the Agreement and Plan of Merger,
dated as of November 27, 1996, among Cardinal, Owl Merger
Corp., a Texas corporation and a wholly owned subsidiary of
Cardinal ("Subcorp"), and Owen (the "Merger Agreement"),
multiplied by the average of the closing prices of Cardinal
Common Shares as reported on the New York Stock Exchange
Composite Tape during the five consecutive trading days ending
on (and including) the trading day immediately prior to the
date of exercise.
The Option is exercisable, in whole or in part, at any time or
from time to time if a Purchase Event (as defined in the Stock
Option Agreement) has occurred; provided, however, that to the
extent the Option has not been exercised, it will terminate
upon the earlier to occur of (i) the effective time of the
Merger, (ii) 5:00 p.m. Houston time, on the date which is one
year following the occurrence of a Purchase Event, (iii)
termination of the Merger Agreement in accordance with its
terms prior to the occurrence of a Purchase Event, and (iv) if
the Option cannot be exercised before its date of termination
as a result of any injunction, order or similar restraint
issued by a court of competent jurisdiction, the Option will
expire on the 30th business day after such injunction, order
or restraint shall have been dissolved or when such injunc-
tion, order or restraint shall have become permanent and no
longer subject to appeal, as the case may be. As of the date
hereof, the Option is not exercisable.
/s/ George H. Bennett, Jr. Dec. 6, 1996
** Signature of Reporting Date
Person
CARDINAL HEALTH, INC.
By: George H. Bennett, Jr.
Title: Executive Vice President,
General Counsel and Secretary
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6
for procedure.
