M*Modal to be acquired for $1.1 billion cash

Friday, June 29, 2012, Vol. 36, No. 26

NEW YORK (AP) — M*Modal Inc. says it has agreed to be acquired for $1.1 billion in cash by One Equity Partners, the private investment arm of JP Morgan Chase & Co.

M(asterisk)Modal will be acquired for $14 a share, a premium of 8.3 percent over the stock's last trading price Monday.

Based in Franklin, M*Modal provides clinical documentation services and speech understanding solutions for health care. It was known as MedQuist Holdings until January.

Investment funds affiliated with S.A.C. Private Capital Group LLC — the company's largest shareholder owning nearly a third of M(asterisk)Modal — have agreed to tender their shares into the offer.

The transaction is expected to close in the third quarter.