It appears both time and patience have run out for Emageon's planned merger with Tampa, FL-based Health Systems Solutions (HSS).
Because the transaction was not completed by February 11, the Birmingham, AL-based image management firm has terminated the proposed deal.
HSS told Emageon on February 11 that HSS did not expect to have the necessary funding to close the transaction on that day. Stanford International Bank was to have provided the funds for the merger in accordance with the companies' amended merger agreement.
Since then, Emageon has received $9 million that had been placed in escrow with the Bank of New York Mellon by HSS, because the merger was not completed on time.
Emageon plans to consider other options in lieu of the failed merger.
Related Reading
Emageon, HSS merger likely to be delayed, February 11, 2009
Emageon, HSS extend merger closing date, December 30, 2008
Emageon-HSS deal remains unsettled, December 24, 2008
Emageon moves closer to HSS merger, December 24, 2008
Emageon-HSS deal in jeopardy? December 22, 2008
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