Mediware Information Systems, Inc. (MEDW), a provider of software solutions for healthcare institutions, Wednesday said it has entered into a definitive merger agreement to be acquired by private equity investment firm Thoma Bravo, LLC, in a transaction valued at about $195 million. Mediware shares surged nearly 39 percent in pre-market trading.
As per the terms of the agreement, Mediware shareholders will receive $22 in cash for each share of Mediware common stock. According to the company, this represents a premium of around 40 percent over its most recent closing price.
The board of directors of Mediware has unanimously approved the agreement and recommended its shareholders to approve the transaction. Mediware expects to close the deal before the end of December this year. At closing, Thoma Bravo will acquire 100 percent of outstanding shares of Mediware.
Commenting on the deal, Thoma Bravo managing partner Scott Crabill stated, "We see strong growth potential as more and more organizations seek technology solutions to improve the management of their clinical, regulatory and financial operations."
Thoma Bravo said it will partner with Mediware's existing management team and will continue to expand the company's leadership position in the markets it serves.
Mediware stated that it has sustained consistent revenue and earnings growth over the past five years. Thomas Mann, Mediware's president and chief executive officer said, "The acquisition by Thoma Bravo recognizes this performance and validates our belief that Mediware is positioned for continued growth and profitability in the future."
The transaction is subject to customary closing conditions, including regulatory approvals and approval of Mediware shareholders. Mediware added that the deal is not subject to a financing condition.
William Blair & Co., L.L.C. served as exclusive financial advisor to Mediware and Herrick, Feinstein LLP provided legal counsel. Kirkland & Ellis LLP provided legal counsel to Thoma Bravo.
Mediware shares closed Tuesday's regular trading at $15.75 on the Nasdaq. In the pre-market activity, the shares are up 38.86 percent.
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