Ebix/A.D.A.M.
Ebix, Inc. (Nasdaq: EBIX) announces a $66 million acquisition of A.D.A.M., Inc. (Nasdaq: ADAM).
The release states that "under the terms of the merger agreement, unanimously approved by both Boards of Directors, A.D.A.M. shareholders will receive 0.3122 of Ebix common stock for each share of A.D.A.M. common stock in a tax-free reorganization, subject to certain adjustments specified in the merger agreement. The exchange ratio of 0.3122 is based on a $19.06 agreed value of Ebix common stock for purposes of the merger agreement. Upon the closing of the transaction, A.D.A.M. shareholders will own approximately 7 percent of the combined company."
The transaction is expected to close later this year.
Ebix Chairman of the Board, President & CEO Robin Raina said, "We expect the merger to deliver at least 15 cents in increased diluted EPS in the first 12 months after closing."
LMC Capital served as financial advisors to Ebix while Needham & Company, LLC served as the financial advisors to A.D.A.M., for the transaction.
The release states that "under the terms of the merger agreement, unanimously approved by both Boards of Directors, A.D.A.M. shareholders will receive 0.3122 of Ebix common stock for each share of A.D.A.M. common stock in a tax-free reorganization, subject to certain adjustments specified in the merger agreement. The exchange ratio of 0.3122 is based on a $19.06 agreed value of Ebix common stock for purposes of the merger agreement. Upon the closing of the transaction, A.D.A.M. shareholders will own approximately 7 percent of the combined company."
The transaction is expected to close later this year.
Ebix Chairman of the Board, President & CEO Robin Raina said, "We expect the merger to deliver at least 15 cents in increased diluted EPS in the first 12 months after closing."
LMC Capital served as financial advisors to Ebix while Needham & Company, LLC served as the financial advisors to A.D.A.M., for the transaction.
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