Vista Equity Partners Announces Successful Completion of Cash Tender Offer for Shares of Greenway Medical Technologies, Inc.
November 04 2013 - 8:03AM
Business Wire
Greenway Medical Technologies, Inc. (NYSE: GWAY) (the “Company”
or “Greenway”) and Vista Equity Partners today announced the
successful completion of the tender offer by Crestview Acquisition
Corp., a wholly owned subsidiary of VCG Holdings, LLC and an
affiliate of Vista Equity Partners Fund IV, L.P., for all of the
outstanding shares of common stock of the Company at a price of
$20.35 per share, net to the seller in cash without interest. The
tender offer expired at 12:00 midnight, New York City time, on
November 1, 2013. As of the expiration of the tender offer,
approximately 91.3% of the outstanding shares of common stock of
the Company were validly tendered and not withdrawn in the tender
offer (not counting as validly tendered shares tendered through
notice of guaranteed delivery and not actually delivered). All such
shares have been accepted for payment in accordance with the terms
of the tender offer.
As a result of the tender offer, Crestview Acquisition Corp. now
owns at least 90% of the outstanding shares of Greenway, which will
allow Crestview Acquisition Corp. to complete and close the merger
of Crestview Acquisition Corp. with and into Greenway without
stockholder approval.
Upon completion of the merger, which the parties anticipate will
occur today, Greenway will become a wholly owned subsidiary of VCG
Holdings, LLC. All outstanding shares of common stock of Greenway,
other than shares held by VCG Holdings, LLC, Crestview Acquisition
Corp., or Greenway and shares held by Greenway’s stockholders who
are entitled to and properly demand and perfect appraisal of such
shares pursuant to the applicable provisions of Delaware law, will
be automatically cancelled and converted into the right to receive
cash equal to the $20.35 offer price per share. In addition, the
parties anticipate that the common stock of Greenway will cease to
be traded on the NYSE after market close today following completion
of the merger.
About Greenway
Greenway Medical Technologies, Inc., provides the clinical,
financial and administrative solutions today’s healthcare providers
need to proactively manage the delivery of quality care and achieve
better health outcomes for patient populations. With an established
marketplace presence dating back more than 30 years, Greenway
continues to lead the way in health information technology by
offering smarter solutions and services that help businesses
compete in an evolving value-based healthcare system. Greenway’s
clinically driven revenue cycle management™ services and
comprehensive suite of interoperable solutions improve
financial performance and automate clinical and administrative
workflows, so medical providers can spend time on patients instead
of paperwork. More than 100,000 providers in more than specialties
and sub-specialties partner with Greenway to improve outcomes
across more than 13,000 medical organizations nationwide. For more
information, visit www.greenwaymedical.com or call (866) 242-3805.
Follow Greenway Medical Technologies on Facebook, Twitter and
LinkedIn.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with
offices in San Francisco, Chicago and Austin, currently invests
over $7.1 billion in capital committed to dynamic, successful
technology-based organizations led by world-class management teams
with long-term perspective. Vista is a value-added investor,
contributing professional expertise and multi-level support towards
companies realizing their full potential. Vista’s investment
approach is anchored by a sizable long-term capital base,
experience in structuring technology-oriented transactions, and
proven management techniques that yield flexibility and opportunity
in private equity investing. For further information please visit
www.vistaequitypartners.com.
Forward-Looking Statements
Statements in this press release that relate to future results
and events are forward-looking statements made within the meaning
of Section 21E of the Securities Exchange Act of 1934 based on
Greenway’s current expectations regarding the proposed transaction.
Actual results and events in future periods may differ materially
from those expressed or implied by these forward-looking statements
because of a number of risks, uncertainties and other factors.
There can be no assurances that a transaction will be consummated.
Other risks, uncertainties and assumptions include the possibility
that expected benefits may not materialize as expected; that the
transaction may not be timely completed, if at all; that, prior to
the completion of the transaction, if at all, Greenway’s business
may experience significant disruptions due to transaction-related
uncertainty or other factors that the parties are unable to
successfully implement integration strategies; and other risks that
are described in Greenway’s Annual Report on Form 10-K for the
fiscal year ended June 30, 2013 and in its subsequently filed
SEC reports. Greenway does not undertake any obligation to update
these forward-looking statements except to the extent otherwise
required by law.
Greenway and the Greenway logo are registered trademarks and the
phrase “clinically driven revenue cycle management” is a trademark
of Greenway Medical Technologies, Inc. Other marks are the property
of their respective owners.
Greenway media contact:Bob Kneeley,
678-390-7262BobKneeley@greenwaymedical.comorInnisfree
contact:501 Madison Avenue, 20th floorNew York, NY
10022Shareholders may call toll-free: 877-687-1875Banks and brokers
may call collect: 212-750-5833
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