Misys will make a cash tender offer for all of Sunquest’s shares at $24 per share, valuing Sunquest at approximately $404 million. Shareholders holding approximately 76 per cent. of Sunquest’s outstanding shares have committed to tender their shares.
The acquisition of Sunquest consolidates Misys’ position as a leader in US healthcare IT and expands Misys’ presence into acute care.
Sunquest is strongly positioned to benefit from the expected growth in clinical systems and adds a further dimension to Misys’ strength in electronic medical records.
The acquisition is expected to be earnings enhancing (stated before goodwill amortisation and any exceptional costs) in the year ending 31 May 2002*.
Kevin Lomax, Chairman of Misys, stated:
The acquisition of Sunquest consolidates Misys’ position as a leading provider of healthcare information systems, extending Misys’ presence into the acute care market making it well placed to exploit the expected growth in clinical systems. The combination of Medic’s leading position in physician practice management systems and Sunquest’s strengths in the clinical environment will have broad capabilities to meet US healthcare providers’ increasing requirements for information systems which improve efficiency and enhance patient care.
Dr Sidney Goldblatt, Chairman of Sunquest, stated:
Sunquest’s fit with Misys, a larger and more diverse company, is an excellent one. The acquisition of Sunquest by Misys should foster the continued success and growth of Sunquest and provide an excellent environment to preserve the culture of the company, including its strong service ethic. We believe the various stakeholders in the company shareholders, customers and employees will applaud this event.
