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Amicas jumps on Emageon purchase opportunity

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Amicas is jockeying to pick up the pieces of an acquisition gone wrong.

Amicas is jockeying to pick up the pieces of an acquisition gone wrong. Health Systems Solutions' attempt to buy Emageon failed earlier this month when adequate financing could not be found. PACS/IT vendor Amicas announced Feb. 23 that it has entered into a definitive merger agreement to pay $1.82 per share in cash for all Emageon common stock. The total, about $39 million, is much less than the ill-fated HSS bid of $62 million, but Amicas is in a better position to complete the deal than was the previous suitor. Amicas ended 2008 with cash, cash equivalents, and marketable securities of approximately $55 million and no long-term debt. The Emageon board of directors has unanimously recommended that shareholders tender their shares in the offer. Shareholders representing approximately 18% of outstanding Emageon shares have already agreed to do so.

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