The Tampa Bay Business Journal reports that the HSS/Emageon merger is a no-go.
Emageon (NASDAQ: EMAG), a health care information technology firm headquartered in Birmingham, Ala., said in a release that it terminated its merger agreement with Health Systems due to the company’s failure to receive all necessary financing on or before the designated closing date of Feb. 11.
Emageon said it received $9 million that had been placed in escrow with The Bank of New York Mellon by Health Systems in connection with the proposed merger.
Emageon said it terminated the agreement one day after Health Systems announced in its own release that funding from Stanford International Bank Limited for the acquisition would not be available and that no other funding for the acquisition was available.
At least Emageon got the $9 mil. There was some speculation that the money hadn’t even been properly escrowed, but that’s apparently not the case.
So who wants to buy a PACS company?