Philips reiterates its wish to sell MedQuist

AuntMinnie.com staff writers
Nov 1, 2007

Royal Philips Electronics has repeated its desire to sell its 70% ownership stake in speech recognition firm MedQuist of Mount Laurel, NJ, if the Dutch industrial conglomerate receives a satisfactory offer.

The statement, released earlier today, follows Philips' July 6 announcement that it was reviewing its options regarding MedQuist. The Netherlands-based parent of Philips Medical Systems of Andover, MA, also noted there can be "no full assurance" that a divestiture of MedQuist will occur.

If a transaction is completed, Philips said the sale of MedQuist would result in a loss of approximately 320 million euros ($461 million U.S.), which Philips would recognize in its fourth-quarter financial report.

In the meantime, MedQuist's board of directors issued a statement in the wake of Philips' announcement, saying it is evaluating whether a sale of the company by Philips is in the best interests of MedQuist's shareholders.

By AuntMinnie.com staff writers
November 2, 2007

Related Reading

Philips to acquire Raytel, October 4, 2007

MedQuist explores strategic alternatives, July 12, 2007

Philips reviewing MedQuist stake, July 10, 2007

MedQuist files overdue SEC reports, July 6, 2007

MedQuist executives to leave company, May 15, 2007

Copyright © 2007 AuntMinnie.com

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