Healthaxis turns down latest bid from Ebix

By Lisa Kerner

Charlotte, N.C., Nov. 4 - Healthaxis Inc. said its board of directors rejected the most recent revised unsolicited offer by Ebix, Inc. to acquire Healthaxis for $0.85 per share.

It was previously reported that Ebix would hold its offer open until Nov. 10. The offer would then decline to $0.75 per share on Nov. 11, $0.65 on Dec. 1 and $0.55 on Dec. 31.

According to Healthaxis, the offer was not reasonably likely to lead to an offer superior to the proposed merger of Healthaxis with BPO Management Services, Inc.

Healthaxis' board of directors rejected an earlier $0.77-per-share offer from Ebix in favor of its planned combination with BPO.

As previously reported, Healthaxis agreed to become the health-care division of BPO through a reverse merger between the two companies, with each share of BPO common stock exchanged for 0.3393 shares of Healthaxis common stock.

Shares of BPO preferred stock and other BPO securities will be exchanged for a mix of shares of Healthaxis common stock, preferreds and other securities based on various fixed exchange ratios, a prior Healthaxis news release said.

Atlanta-based Ebix provides software for the insurance industry.

Healthaxis is a provider of health-care payer solutions located in Irving, Texas.

Based in Anaheim, Calif., BPO is a provider of business process outsourcing services focused on on-demand human resources, information technology, enterprise content management and finance support.

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