Nyer to sell pharmacies to Walgreen and liquidate

Nyer Medical to liquidate after unit sells Walgreen 12 pharmacies

• On 6:54 pm EDT, Friday October 23, 2009

DEERFIELD, Ill. (AP) -- Walgreen Co. said Friday it would buy 12 Eaton Apothecary pharmacies in the Boston area for about $19 million from a unit of Nyer Medical Group Inc., and Nyer said it would liquidate shortly after the transaction.

Walgreen, Deerfield, Ill., said it will buy the pharmacies from Nyer's subsidiary D.A.W. Inc. Nyer, a pharmacy holding company based in Holliston, Mass., said that it agreed to a plan with certain executives to sell D.A.W. shares for $1.5 million after the closing of the Walgreen deal. Once that is complete, Nyer would liquidate and cease to exist.

Walgreen said it would keep most of the locations open and that eligible employees would be asked to come work for the drug store chain.

The deal is expected to close within 90 days.

Nyer gained 20 cents, or 29 percent, to 89 cents in after-hours trading when the transaction was announced. In the regular session, the stock lost 6 cents to close at 69 cents. Walgreen shares fell 44 cents to $39.05 in regular trading Friday.