Emageon, Health Systems merger could close once funding in place

By Lisa Kerner

Charlotte, N.C., Dec. 23 - Emageon Inc. said it was notified that Health Systems Solutions, Inc. is prepared to move forward toward closing the companies' proposed merger.

Health Systems demanded that Stanford International Bank Ltd. provide the funding to close the transaction on Dec. 23. Stanford International has not responded to the request, according to an Emageon news release.

On Monday, Emageon said that instead of setting a closing date, Health Systems requested additional due diligence and is stalling the deal for an unknown reason.

In October, Health Systems agreed acquire Emageon for $2.85 per share in an all-cash transaction valued at about $62 million.

Emageon said its shareholders approved the transaction on Dec. 18.

Health Systems, based in New York, develops technologies and services for the health-care industry.

Birmingham, Ala.-based Emageon provides information technology systems for hospitals, health-care networks and imaging facilities.

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