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Shares rose in EMIS Group PLC on Friday after the company agreed to a £1.24 billion takeover offer from Optum Health Solutions UK Ltd, a subsidiary of Minnesota, US-based healthcare and insurance company UnitedHealth Group Inc.
Shares in the Leeds-based healthcare software maker closed 47% higher at 1,901.95 pence on Friday in London, giving a market capitalisation of about £1.20 billion.
Under the agreement, UnitedHealth will acquire EMIS for 1,925 pence per share in cash, reflecting a 49% premium to the company's closing price of 1,292p on Thursday.
The acquisition is conditional on gaining at least 75% shareholder approval at both the court and general meeting, as well as being sanctioned by the High Court of Justice in England & Wales.
The acquisition has a long stop date of June 30, 2023. So far, UnitedHealth has gained irrevocable acceptances from around 8.8 million shares in EMIS, reflecting 14% of the company's equity.
‘We believe this combination will have the resources and expertise to enable us to better support the NHS and clinicians through technology innovations. EMIS's long standing track record of delivering effective technology solutions and strong financial and operating performance combined with UnitedHealth Group's resources and expertise will enable us to accelerate our development. We therefore consider that the combined group will be well positioned to serve its customers and partners in the UK's healthcare system, whilst ensuring EMIS remains a strong organisation supporting the NHS, thereby fulfilling EMIS's purpose of enabling better care through technology innovation,’ said EMIS Chief Executive Officer Andy Thorburn.
Shares in UnitedHealth were down 0.2% at $454.98 on Friday in New York.
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