British company to buy Oceanside business
A British company will buy American Medical Alert Corp., an Oceanside provider of health care call centers and remote monitoring systems for elderly patients at home.
The buyer, Tunstall Healthcare Group Limited, will pay $8.55 a share, a 50 percent premium over the $5.69 Thursday closing price for the stock, which trades on the Nasdaq under the symbol AMAC.
AMAC lists its outstanding shares at 9.62 million, making the sale price in the neighborhood of $82 million. About a third of shares are owned by company executives and directors, while about 17 percent are held by institutional investors. By the time the markets opened Friday, AMAC's capitalization had risen to $79.32 million, reflecting the Tunstall premium.
Tunstall, which operates in 30 countries, said Thursday the purchase of American Medical Alert was part of its strategy of expanding its reach throughout the United States. It did not immediately say whether the transaction would result in an expansion or reduction in the Oceanside company's presence on Long Island.
Tunstall is a provider of "telehealth and telecare" services, similar to those of American Medical Alert. It has 2.5 million clients worldwide with a workforce of more than 1,200. Tunstall's corporate headquarters is in Goole, in Yorkshire, England.
American Medical Alert operates a round-the-clock medical-alert call center, and provides networks of remote health monitoring devices. Its products and services include stationary and mobile personal emergency response systems, and medication management. As of last year it had 610 employees, according to Hoovers.com.
As a separate business division, American Medical Alert offers "concierge-level communication services to all types of health care entities, including physician groups, hospitals, home care and the pharmaceutical industry," Tunstall said.
Directors and officers of American Medical Alert, who hold about one-fourth of the company's stock, have agreed to vote in favor of the transaction.
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