Sunquest Information Systems has announced that it has agreed to be acquired by Misys, a software company based in the UK, for an estimated $404 million.
The acquisition is to be accomplished through a cash tender offer for Sunquest’s common stock at a price of $24 per share.
Following completion of the tender offer, Misys will consummate a merger in which all of the remaining Sunquest shareholders will receive the same price paid in the tender offer in cash.
The transaction is subject to regulatory approvals and to other customary conditions, including the tender of at least 80% of the outstanding Sunquest shares on a fully diluted basis.
Dr. Sidney Goldblatt, Sunquest’s co-founder, Chairman and Chief Executive Officer, and trusts for the benefit of Dr. Goldblatt’s children have agreed, subject to certain conditions, to tender all Sunquest shares beneficially owned by them, representing 76% of the outstanding shares, to Misys.
The companies expect the tender offer to close in approximately 30 days.
Once the acquisition is completed, Sunquest will become a wholly owned subsidiary of Misys and will remain headquartered in the US.