M*Modal and One Equity Partners Announce Successful Completion of Acquisition of M*Modal
17 Agosto 2012 - 5:01PM
Business Wire
M*Modal (MModal Inc.) (NASDAQ/GS: MODL) and One Equity Partners
(“OEP”), the private investment arm of JP Morgan Chase &
Co., today announced that Legend Acquisition Sub, Inc. (an
affiliate of OEP) successfully completed its tender offer for all
outstanding shares of common stock of M*Modal.
As previously announced, the offer and withdrawal rights expired
at 11:59 p.m., New York City time, on August 14, 2012. All
shares that were validly tendered into the offer and not properly
withdrawn have been accepted for payment and paid for in accordance
with the terms of the offer at the offer price of $14.00 per share,
net to the seller thereof in cash, without interest thereon and
less any applicable withholding taxes.
M*Modal and OEP also announced today the successful acquisition
of M*Modal by Legend Parent, Inc. (an affiliate of OEP) following
the completion of a “short-form” merger under Delaware law after
Legend Acquisition Sub, Inc. exercised its top-up option under the
merger agreement, by which M*Modal became a wholly owned direct
subsidiary of Legend Parent, Inc.
“This milestone event comes at a most pivotal moment in our
company’s history,” said Vern Davenport, Chairman and CEO of
M*Modal. “With all that the dedicated people of M*Modal have
accomplished this past year, M*Modal is now uniquely positioned as
a critical player in impacting the quality of healthcare and
controlling its costs. Together, with our global force of highly
skilled clinical transcriptionists and medical coders, our advanced
Speech Understanding technology and our comprehensive workflow
solutions, our new ownership can now fuel the growth and expansion
of this powerful combination of talent and technology.”
M*Modal’s headquarters will remain in Franklin, Tennessee, and
M*Modal expects to maintain all of its other offices. As a result
of the completion of the merger, the common stock of M*Modal is no
longer listed for trading on The NASDAQ Global Market.
About M*Modal
M*Modal is a leading provider of clinical transcription
services, clinical documentation workflow solutions, advanced
cloud-based Speech UnderstandingTM technology, and advanced
unstructured data analytics. Recognized as the largest clinical
transcription service in the U.S. with a global network of medical
editors, M*Modal also offers voice to text solutions to capture the
complete patient story, codifies the doctor’s narrative to
automatically populate EHRs and other key healthcare information
systems, delivers computer-assisted coding to support ICD-9 and the
transition to ICD-10, and provides highly advanced analytical tools
for exploring the richness within the “unstructured” narrative for
improvements in quality of care, greater physician satisfaction and
lower operational costs.
About One Equity Partners
Founded in 2001, OEP currently manages a $10 billion portfolio
of proprietary investments and commitments of JP Morgan
Chase & Co. By working in partnership with owners and
managers, OEP invests in transactions that promote strategic and
operating change, creating long-term value. OEP invests globally
and has offices in New York, Chicago, Frankfurt, Vienna, Hong Kong
and São Paulo. Visit www.oneequitypartners.com for more
information.
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