Emageon announced it has found another buyer after the failed attempt to be acquired by Health Systems Solutions.
Amicas and Emageon entered a definitive agreement that allows Amicas to buy Emageon for about $39 million in cash. Under terms of the agreement, an Amicas subsidiary will buy all outstanding shares of Emageon common stock for $1.82 per share, beginning March 5. Amicas, Boston, a medical image and information management developer, has no long-term debt, according to medical imaging manager Emageon, Birmingham, Ala. The deal is expected to close in the second quarter of this year, pending customary closing conditions.
The acquisition will create a healthcare information technology vendor with more than 1,000 customers focused on radiology and cardiology imaging and information storage, revenue-cycle management and business intelligence tools, according to Emageon.
Emageon terminated its deal with Health Systems Solutions when that company could not raise the financing from Stanford International Bank, owned by Robert Allen Stanford. Stanford, who also is the principal owner of Health Systems, was charged with fraud by the Securities and Exchange Commission in an $8 billion case that has drawn comparisons to Bernard Madoff's alleged $50 billion Ponzi scheme.