Nyer Medical Group, Inc., (Nasdaq: NYER) announced recently that D.A.W., Inc., a wholly-owned subsidiary of Nyer which does business under the name Eaton Apothecary, and Nyer entered into a definitive agreement with Walgreen Eastern Co., Inc. for the sale of a substantial portion of DAW's operating assets, including prescription files and inventory of a total of 12 neighborhood pharmacies which includes the assignment of eight leases, for a purchase price, subject to certain adjustments, of $12.0 million plus up to $5.75 million of qualifying inventory and $1.1 million of operating equipment.
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In addition, Nyer also announced today that Nyer and DAW entered into a definitive agreement with certain management investors for the sale of the stock of DAW following the closing of the Walgreens transaction, under which Nyer will receive a benefit of $1,500,000 after giving effect to liabilities to be retained by DAW. "As President of DAW and Nyer Medical Group, my primary duty is to maximize shareholder value, which I believe these transactions do," said Mark Dumouchel. "However, I am happy to say that Walgreens' interest in Eaton Apothecary has been beyond buying only pharmacy files -- they will continue to operate a majority of the 12 pharmacies as well as hire all eligible employees at the 12 locations. In addition, the sale of our subsidiary's stock to an investor group insures that virtually all employees will retain their positions while all our customers will continue to receive the quality service to which they have grown accustomed. We believe these transactions together, yield the best outcome for our shareholders, customers and employees." The completion of the asset sale to Walgreens, sale of DAW stock to investors and plan of dissolution are each subject to certain closing conditions, including the approval of Nyer's shareholders. The transactions are expected to close within the next 90 days.
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