Owens & Minor rises after Rotech Healthcare deal termination

Shares of medical supplies distributor Owens & Minor OMI.N rise 26.6% to $8.43

OMI says it has mutually agreed with medical equipment firm Rotech Healthcare Holdings to terminate a previously announced acquisition

Under the terms of the merger agreement, OMI has paid $80 million to Rotech

Company had said in July last year it would buy Rotech for $1.36 billion in cash to expand its presence in home-based care

OMI said in February it was commencing a process to raise additional debt to finance its Rotech acquisition

"We continue to work with a number of interested parties around the potential sale of our products and healthcare services business and, in the meantime, we will continue to actively work to strengthen that business and tap into its significant upside," says Owens & Minor CEO Edward Pesicka

Including session's move, OMI shares down 42.4% YTD