Counsel now holds 37.3% stake in Capstone Pharmacy

MARYLAND WATCH

August 09, 1996

Capstone Pharmacy Services Inc. yesterday said it had sold 2.1 million shares of common stock to its largest investor to help finance its $150 million acquisition of Integrated Health Services's pharmacy unit.

Counsel Corp. paid about $25 million for the stock through a private placement on July 29, said Allan Silber, Counsel's chairman and chief executive.

Baltimore-based Capstone, which provides pharmaceutical services to prisons, nursing homes and other long-term-care facilities, completed the purchase of Symphony Pharmacy Services, the long-term-care pharmacy division of Integrated Health Services of Owings Mills, last month.

The acquisition called for Capstone to pay $125 million in cash and $25 million in common stock. Counsel's stock purchase helped finance the cash portion.

Counsel now holds 8.35 million Capstone shares, a 37.3 percent stake, according to a 13D filing with the Securities and Exchange Commission.

Silber also holds 387,500 shares, the equivalent of a 1.9 percent stake.

Pub Date: 8/09/96

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