Bird & Bird advises Nucare plc on £49 million recommended offer by Phoenix Medical Supplies Limited

19 October 2007

International law firm Bird & Bird is advising Nucare plc, on a recommended cash offer by Phoenix Medical Supplies Limited. The deal, announced on 11th October 2007, sees Phoenix offering Nucare shareholders 39.543 pence per share, valuing Nucare at £49 million.

Nucare is an independent pharmacies group which owns 35 retail pharmacies and, through its Nucare Services division, provides purchasing, marketing and support services to independent pharmacists. Nucare became a Bird & Bird client in early 2007 when the firm successfully won a beauty parade for the role of acting as legal adviser to the board of Nucare on its plans for maximising shareholder value. A number of options were under consideration by Nucare, including a possible flotation on AIM and Bird & Bird was retained by Nucare for its experience and expertise in this field, as well as in public M&A.

Since its appointment, Bird & Bird has advised Nucare on a number of small corporate transactions intended to streamline the business, culminating in the recommended offer from Phoenix. Corporate partner, Simon Allport headed the Bird & Bird team assisted by corporate associate, Helen Down.

Phoenix Medical Supplies is being advised by George Davies Solicitors LLP.

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