Trump pal inks $1.3 billion mergerNovember 18, 2010: 8:02 AM ET
A group of Donald Trump's pals recently launched a website called ShouldTrumpRun, trying to convince the bloviating billionaire to take on President Obama in 2012. It's gotten a bit of media attention, with Trump telling George Stephanopoulos that a White House bid "could be fun."
Helping to lead the charge is Stewart Rahr, a billionaire buddy who Forbes lists as America's 170th richest person. Now it looks like Rahr's pockets will get a bit heavier, as Cardinal Health (CAH) has agreed to buy his company, Kinray Inc., for $1.3 billion in cash.
For those not familiar with the pharma market, Kinray is a giant drug distributor in the New York metropolitan area. It reports around $3.5 billion in annual sales, with around 1,000 employees and over 2,000 customers. Dublin, Ohio-based Cardinal will use Kinray to strengthen its Northeastern U.S. platform, plus increase its retail independent pharmacy base by around 40 percent.
The deal is expected to close by year-end. Kinray was repped by law firm Dechert LLP, while Cardinal used Wachtell, Lipton, Rosen & Katz.
No word yet on what Rahr's role will be going forward, if any. Even if he sticks with Cardinal for a while, he'll certainly have a bit more free time. Maybe that means the chief executive's next role will be as campaign manager...