On September23, 2011, Shares of American Medical Alert (NASDAQ:AMAC) surged more than 47% on $82.3 million buyout offer from UK-based Tunstall Healthcare Group, a leading telehealth and telecare provider.
The Company announced on Friday that it has entered into a definitive agreement with Tunstall Healthcare Group Limited, where latter will acquire all of the outstanding common shares of former for $8.55 per share in cash without interest. This value represents a premium of approximately 50% over AMAC’s closing share price of $5.69 on Thursday and one Contingent Payment Right per share, providing a contingent cash payment for the holder of such common share in the event of a sale of AMAC`s interests in the Lifecomm joint venture or prior sale of Tunstall under certain conditions.
This deal is expected to close by the end of the fourth quarter of 2011. Jefferies advised Tunstall on the deal, while Houlihan Lokey acted as financial adviser to Americal Medical.
Shares of a company engaged in the provision of healthcare communication services went up by 47.63% and closed at $8.40 following the news of acquisition by Tunstall Healthcare Group Limited (Tunstall) in a transaction with an approximate value of $82.3 million. The stock surged to the new high of $8.40 in its last trading session, its annual low being $4.74. Volume of 2.35 million shares has been traded, much above the daily average of 0.918 million shares. Currently, the market cap of the stock stands at $80.77 million with P/E of 50.24.
The Company operates in two segments, Health Safety and Monitoring Services (HSMS) and Telephony Based Communication Services (TBCS).
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