After consulting with its independent financial and legal advisors, the board of directors for PACS vendor Amicas has concluded that Merge Healthcare's $6.05 per-share offer ($248 million) to buy the Boston-based firm is a "superior proposal" to the $5.35 per-share bid ($217 million) from investment firm Thoma Bravo of Chicago.
Amicas also announced it will negotiate "in good faith" over five business days, ending March 8, with Thoma Bravo to potentially enhance the terms and conditions of their merger agreement to top Milwaukee-based Merge's offer.
"There can be no assurance that a transaction with Merge will result, and the Amicas Board is not withholding, withdrawing, amending, qualifying, or modifying its recommendation with respect to the Thoma Bravo merger," the company stated, "and is not making any recommendation at this time with respect to the Merge proposal."
In the wake of the announcement, Amicas has postponed its scheduled March 4 special shareholder meeting to vote on the Thoma Bravo agreement.
Related Reading
Merge updates Amicas offer, February 25, 2010
Merge makes play for Amicas, February 22, 2010
Amicas delays merger vote, February 19, 2010
Amicas inks Financials deals, February 19, 2010
Merge adds reseller, February 17, 2010
Merge posts Q4 loss despite higher sales, February 11, 2010
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