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McKesson, HBO Say Merger Talks Have Ended

July 16, 1998|Bloomberg News

HBO & Co., the largest U.S. maker of health-care company software, and McKesson Corp., the largest U.S. drug wholesaler, said merger talks have ended. Neither McKesson nor HBO gave a reason for the negotiation breakdown. McKesson has grown through acquisitions designed to keep pace with rival Cardinal Health Inc. McKesson shares have more than doubled in the last year as the company landed new contracts. McKesson had net income of $175.7 million, or $1.80 a diluted share, on revenue of $20.9 billion in its fiscal year ended March 31. HBO had net income of $144 million, or 67 cents a diluted share, on sales of $1.2 billion last year. Atlanta-based HBO's shares rose $1.69 to close at $33.75 on Nasdaq, and San Francisco-based McKesson shares rose 50 cents to $87.13 on the NYSE.

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