Amicas has entered into a merger agreement to be acquired by an affiliate of Thoma Bravo, in a transaction valued at approximately $217m. The Amicas board of directors unanimously approved the agreement and resolved to recommend that the shareholders of Amicas adopt the agreement.
As per the agreement, Amicas shareholders is expected to receive $5.35 in cash for each share of Amicas common stock they hold. It represents a premium of approximately 24% over Amicas’ average closing share price during the 30 trading days ending December 24, 2009, and a 38% premium over Amicas’ average closing share price during the 90 trading days ending December 24, 2009.
The transaction is subject to customary closing conditions, including requisite regulatory approvals and approval of Amicas shareholders. Amicas expects the transaction to close in the first quarter of 2010.
As per the agreement, there is a provision whereby Amicas may solicit alternative proposals from third parties during the 45 calendar days commencing December 24, 2009.
Stephen Kahane, president, chairman and CEO of Amicas, said: The agreement with Thoma Bravo provides an attractive all-cash valuation to our shareholders, and we look forward to completing the transaction under the terms of the agreement as expeditiously as possible.
We look forward to continuing our mission to provide the best solutions for image and information management in healthcare. We believe that working with Thoma Bravo will enable us to focus our resources on our business and our customers. With the additional capital and operational expertise available to Amicas through Thoma Bravo, we will be able to grow as the needs of our customers evolve and will be enabled to better serve our market.