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Amicas Inc., a developer of information-management technologies for the health care sector, has reversed course and accepted a $245 million buyout offer submitted by Wisconsin-based Merge Healthcare Inc.
The move comes just weeks after Amicas, which had already agreed to be acquired for $217 million by private-equity concern Thoma Bravo LLC, called Merge Healthcare’s (Nasdaq: MRGE) competing bid “illusory and risky,” even though it promised to deliver a 13 percent premium over the Thoma Bravo bid.
On Monday, Boston-based Amicas said its board, after consultation with independent legal and financial advisers, agreed that an updated Merge Healthcare proposal “constitutes a superior proposal under the terms of the company’s agreement and plan of Merger with Thoma Bravo LLC.”
The Merge Healthcare offer of $6.05 for each Amicas (Nasdaq: AMCS) share outstanding equates to a total purchase price of roughly $245 million.
Amicas said its board is now negotiating with Thoma Bravo to potentially solicit a more attractive offer. If, after March 8, those negotiations fall short, Amicas will seek to terminate its preexisting buyout agreement with Thoma Bravo.
Amicas said Raymond James & Associates Inc. is serving as its financial advisor, while Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo is providing legal counsel.
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