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SMS/Eclipsys

This article was originally published in The Gray Sheet

Executive Summary

Health information systems and services provider Shared Medical Systems rejects a $2 bil. merger proposal from health care information solutions firm Eclipsys and remains "uninterested in a combination," SMS states March 3. The proposed merger, which would value SMS at $67 per share, represents a 75% premium over the stock's March 2 closing price of $38.25. The proposal "represents the most recent in a series of efforts" by Eclipsys Chairman Harvey Wilson "to cause SMS, in effect, to acquire his company, under circumstances in which he assumes management control," SMS explains. SMS recorded 1999 revenues of $1.2 bil. while Eclipsys had revenues of $249 mil

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