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Siemens Agrees to Buy Shared Medical

May 02, 2000|Bloomberg News

Siemens, Germany's biggest electronics and engineering company, agreed to buy Shared Medical Systems Corp., the No. 2 U.S. health-care software maker, for $2.1 billion in cash to add to its services to hospitals. Siemens said it will pay $73 a share, 76% more than Friday's closing price, for Shared Medical, whose board recommended that shareholders accept the offer. Siemens said Shared Medical, based in Malvern, Pa., would increase its access to the U.S. health-care software market, which it expects to grow about 10% annually. The Munich-based maker of everything from locomotives to medical equipment is trying to boost its services business. Shared Medical's stock rose $29.06, or 70%, to close at $70.50, and U.S. shares of Siemens rose $1 to close at $149 in over-the-counter trading.

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