General Atlantic and Hellman & Friedman have agreed to vote shares owned by them representing, in the aggregate, approximately 70% of the Company's outstanding shares, in favor of the transaction. However, Hellman & Friedman will maintain a significant minority equity interest in Emdeon after the transaction is complete. Furthermore, prior to the deal's announcement, several analysts had set the price target for Emdeon stock at or above $20 per share, with a high target of $21.00 per share.
New York, NY: A securities class action lawsuit has been filed on behalf of all shareholders of Emdeon Inc. The complaint alleges, among other things, that Emdeon's Board of Directors failed to act in the best interest of shareholders and breached its fiduciary duties by approving Blackstone Capital Partners VI L.P.'s attempt to acquire a controlling interest in Emdeon for $19.00 per Emdeon share, which will result in Emdeon becoming a private company. The transaction is expected to close in second half of 2011, subject to customary closing conditions, including shareholder and regulatory approvals.
General Atlantic and Hellman & Friedman have agreed to vote shares owned by them representing, in the aggregate, approximately 70% of the Company's outstanding shares, in favor of the transaction. However, Hellman & Friedman will maintain a significant minority equity interest in Emdeon after the transaction is complete. Furthermore, prior to the deal's announcement, several analysts had set the price target for Emdeon stock at or above $20 per share, with a high target of $21.00 per share.
General Atlantic and Hellman & Friedman have agreed to vote shares owned by them representing, in the aggregate, approximately 70% of the Company's outstanding shares, in favor of the transaction. However, Hellman & Friedman will maintain a significant minority equity interest in Emdeon after the transaction is complete. Furthermore, prior to the deal's announcement, several analysts had set the price target for Emdeon stock at or above $20 per share, with a high target of $21.00 per share.
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