Paul Senior - In a market that is obsessed with a YHOO deal and trying to bottom fish on GE I think I found a good arbitrage play. I'm referring to the 22$ offer for TZIX this morning by Apax Partners. There is still a 7-8% premium left in it with the deal supposedly closing in 4-6 months. Have you any thoughts on this play? RGRDS - JT
TriZetto to be taken private for $22/shr
Fri Apr 11, 2008 8:53am EDT
(Reuters) - TriZetto Group Inc (TZIX.O: Quote, Profile, Research) said on Friday it agreed to be taken private by Apax Partners for $22 a share, 25 percent higher than the healthcare technology company's Thursday closing price.
The total value of the deal is $1.4 billion, including consideration for stock options and shares related to TriZetto's debt notes.
Shares of the company shot up 19 percent to $21 before the bell, after closing at $17.67 Thursday on Nasdaq.
The Newport Beach, California-based company said it does not expect its product offerings, staffing or facility locations to change with it being taken private.
Apax Partners is a private equity firm, with several recent investments in healthcare and technology.
BlueCross BlueShield of Tennessee and Regence Group, both customers of TriZetto, will provide a part of funds for the deal and will be equity investors in the new company, TriZetto said.
(Reporting by Varsha Tickoo in Bangalore; Editing by Amitha Rajan) |
