September 22, 2011
Moses & Singer client American Medical Alert Corp. (NASDAQ: "AMAC") announced yesterday that it has entered into an agreement to be acquired by Tunstall Healthcare Group Limited ("Tunstall"). AMAC is a leading provider of remote health monitoring and 24/7 healthcare communication services. Tunstall will acquire all of the outstanding common shares of AMAC for $8.55 per share in cash without interest, representing a premium of approximately 50% over AMAC’s closing share price on September 22, 2011, and one Contingent Payment Right (CPR) per share providing a contingent cash payment in the event of a sale of AMAC’s interests in the Lifecomm joint venture or prior sale of Tunstall under certain conditions. The transaction is subject to shareholder approval and other conditions, and is expected to close at the end of the fourth quarter of 2011. Allan Grauberd and Shari A. Ness led the Moses & Singer team, with assistance from Andrew Oliver and Timothy Hauck in Corporate; Irving Sitnick, Robert Heroux and Steven J. Glaser in Tax; Samuel J. Servello, Jill E. Anderson and Osato F. Chitou in Healthcare; and Elizabeth A. Corradino and Walter S. Delacruz in Intellectual Property.
In an excerpt from the press release, Jack Rhian, President and Chief Executive Officer of AMAC, stated: "We believe the decision by the board to merge with Tunstall is good for shareholders, employees and our customers. Tunstall's longstanding culture of engineering excellence, technological innovation and commitment to providing seniors with the tools to live independently is perfectly aligned with AMAC's mission. By joining with Tunstall, AMAC will have unprecedented access to its world class engineering and product portfolio as well as its global operating resources. This transaction will allow AMAC to rapidly accelerate the scope of our portfolio in both remote patient monitoring and call center solutions thereby benefiting our entire customer base."
To view the full press release, please click here.