MTBC Selected as Acquisition ‘Stalking Horse’, Sale Hearing Scheduled for June
In addition to selecting MTBC as the primary bidder for Orion’s assets, the Court’s order dated
Under the APA, MTBC would acquire most of Orion's assets, including customer contracts, accounts receivable, certain equipment, and goodwill, free and clear of all liabilities except for those that are expressly assumed. The acquisition would also expand MTBC’s service offerings to include long-term practice management services, niche hospital offerings, and a pharmaceutical group purchasing organization that provides discounts to its physician customers.
The sale process will be administered by the Court and governed by the U.S. Bankruptcy Code. Other interested parties will be provided the opportunity to submit bids prior to the deadline set by the Court; however, such bids cannot contain due diligence or financing contingencies and must otherwise comply with the bid protections and bidding procedures. If other qualified bids are submitted, an auction will be conducted, in which case the terms of the APA would set the floor value for the auction. Approval of a final sale to either MTBC or a competing bidder is expected to take place shortly after completion of an auction. The transaction is expected to close by early July, subject to customary closing conditions and court approval.
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services including revenue cycle and practice management, to healthcare providers. Its integrated Software-as-a-Service (or SaaS) platform helps its customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC's common stock trades on the
For additional information, please visit our website at www.mtbc.com.
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We cannot provide any assurances that the transaction described in this press release will be consummated, or that if consummated, it will be consummated on the terms as described in this press release.
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