CHT agrees acquisition by parent

Constellation Healthcare Technologies' board has agreed a recommended acquisition by the parent, CHT Holdco LLC, through its wholly owned subsidiary CHT Merger Sub, Inc.

Under the terms of the acquisition, CHT shareholders will be entitled to receive $2.93 in cash and $0.43 in promissory notes for each common share.

The acquisition price is the equivalent of £2.70 per common share on the basis of an exchange rate of $1.2457 to £1.00 as at 24 November. The acquisition price is fixed and will be paid in US dollars and the risk and rewards of fluctuations of the sterling equivalent at closing will be borne by CHT shareholders.

The acquisition price values CHT at approximately $309.4 million and represents a premium of approximately 45% to last night's closing price of 186 pence.

CHT chairman John Johnston said: "This deal will provide the capital that Constellation Healthcare Technologies needs to grow its business at the rate that changes in its market demands while at the same time giving an excellent return to shareholders since IPO."