Syncor Shareholders Approve Takeover

Shareholders of Woodland Hills-based Syncor International Corp. overwhelmingly approved a $1-billion buyout by Ohio drug distributor Cardinal Health Inc., the companies said.

The takeover of Syncor, which prepares and delivers radioactive prescriptions, was stalled in November by the disclosure that Syncor founder Monty Fu and his brother made improper payments to foreign officials. Cardinal ultimately agreed to complete the deal, though it cut its all-stock offer by 9.6%, to about $800 million. It also will assume $202 million of Syncor debt.

Syncor pleaded guilty to violating U.S. anti-bribery laws and was fined $2.5 million. Fu quit the company and gave it enough stock to cover the cost of the fine.

-- E. Scott Reckard