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QuadraMed accepts $126M Francisco Partners offer

Tue, 12/08/2009 - 5:00am
The Associated Press

Health care information technology company QuadraMed Corp. said Tuesday it agreed to by acquired by private equity firm Francisco Partners for $126 million.

The deal values QuadraMed stock at $8.50 per share, which represents a 32.6 percent premium to the stock's Monday closing price of $6.41. QuadraMed said its board of directors accepted the offer, and recommended shareholders tender their stock in support.

In premarket trading, QuadraMed shares rose $1.95, or 30.4 percent, to $8.36. The stock has traded between $4.42 and $7.94 in the last year.

QuadraMed said it will have a shareholder meeting in the first quarter of 2010. Assuming shareholders and regulators approve, it expects the sale to close soon after that.

The company said Piper Jaffray & Co. acted as financial adviser on the deal and Wells Fargo Foothill and Silicon Valley Bank committed debt financing. It said the deal has no financing conditions.

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