Saturday, March 6, 2010

AMICAS Opts for the Bigger Diamond

Ms PACS: I'm sure you've heard the expression: "A woman has the right to change her mind." That's just how we women explain our whimsical nature or, simply, our indifference when blowing someone off. Fact is, it's good to have options. Besides, who can resist the ego-trip of having several suitors making you offers. Sure, you probably know the one you're going to say yes to, the one who offers the biggest diamond ring, but you keep the other ones on the back burner, just in case.

On March 5, 2010, Merge had the pleasure of announcing: "AMICAS Agrees to Merge Acquisition Offer for $248 Million." Actually, it sounds like the release came from AMICAS. But whichever, the deal was sealed after AMICAS wavered between an initial offer from Thoma Bravo for $5.35 per share, and an offer from Merge for $6.05 per share, and entered into a definitive merger agreement (the “Merge Acquisition Agreement”) in which Merge will acquire all of the outstanding shares of AMICAS for $6.05 per share in cash, or an aggregate of $248 million.

As you all know, AMICAS had rejected Merge's offer of $6.05 per share and urged shareholders to support a rival offer of $5.35 per share, or $217 million, from Thoma Bravo, which AMICAS had agreed to in Dec. But on Monday AMICAS said it considered the Merge offer superior.

Finally, the Board of Directors of AMICAS unanimously voted to terminate its previous deal with Thoma Bravo and to enter into the "Merge Acquisition Agreement." Merge pulled the old "get her a bigger diamond and she'll say yes" trick - 13 percent bigger - and it worked.

Together, AMICAS and Merge aim to become "a leading global healthcare IT provider" with a combined portfolio of solutions for cardiology radiology, management solutions for IDN’s, OEM solutions for pharmaceutical, biotechnology, medical devices....yada yada yada.

Now, everyone's asking, just like with Branjolina (Brad and Anjolina), will it last?

PACSMan: I believe the words for that are gold digger...And now you know why I am a confirmed batchelor....Thanks, but no thanks...

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