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News

Philips agrees to sell stake in Medquist to CBay Systems

Philips Medical Systems : 23 May, 2008  (Company News)
Philips has reached an agreement to sell its approximate 69.5 percent ownership interest in MedQuist to CBay Systems $11.00 per share, or approximately $285 million.
The purchase price represents a premium of 47 percent over the most recent trading price of MedQuist’s stock.

The acquisition of the approximate 69.5 percent shareholding in MedQuist will complement CBay Systems’ existing portfolio of businesses in medical transcription, healthcare technology, and healthcare financial services, including CBay Systems and Services, CBay Systems Private and Mirrus Systems.

The sale of Philips’ stake in MedQuist is expected to close during the third quarter of 2008, and is conditional upon applicable regulatory approvals, approval by CBay shareholders at a general meeting of shareholders, and the fulfillment of specific closing conditions.
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