M*Modal and One Equity Partners Announce Successful Completion of Acquisition of M*Modal
08/17/2012| 04:05pm US/Eastern
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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validly tendered into the offer and not properly withdrawn have been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.
Media Contact:
M*Modal
Randy A. Drawas, 267-535-6732
Randy.Drawas@MModal.com
or
Investor
Contact:
Corporate Communications, Inc.
Tripp Sullivan,
615-324-7335
tripp.sullivan@cci-ir.com
© Business Wire 2012
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