FRANKLIN, Tenn., Feb. 11, 2011 /PRNewswire/ -- MedQuist Holdings Inc. (Nasdaq: MEDH), formerly CBaySystems Holdings Limited, a leading provider of integrated clinical documentation solutions for the U.S. healthcare system, today announced the closing of the initial U.S. public offering of shares of its common stock. The shares began trading on February 4, 2011 on The NASDAQ Global Market under the ticker symbol MEDH.
In the offering, MedQuist Holdings Inc. sold 3,000,000 shares, and selling stockholders sold 2,175,000 shares, including 675,000 shares sold pursuant to the overallotment option, which was exercised in full by the underwriters. Lazard Capital Markets LLC, Macquarie Capital (USA) Inc. and RBC Capital Markets, LLC acted as book running managers for the offering, and Loop Capital Markets LLC acted as co-manager.
MedQuist Holdings Inc. also announced the closing of its acquisition of 4.8 million shares of common stock of MedQuist Inc. pursuant to an exchange agreement, dated as of September 30, 2010, as amended (the "Private Exchange"), between MedQuist Holdings Inc. and certain shareholders of MedQuist Inc. MedQuist Holdings Inc. now owns 82.2% of the outstanding shares of common stock of MedQuist Inc.
MedQuist Holdings Inc. previously commenced an exchange offer (the "Exchange Offer") for all of the issued and outstanding shares of MedQuist Inc. common stock that it does not currently own. A full exchange in the Exchange Offer would increase MedQuist Holdings Inc.'s ownership in MedQuist Inc. to 100%. The closing of MedQuist Holdings Inc.'s U.S. initial public offering, the listing of its common stock on NASDAQ and the closing of the Private Exchange were conditions to the closing of the Exchange Offer, all of which have now been satisfied. The Exchange Offer will expire at 5:00 P.M., N
|SOURCE MedQuist Holdings Inc.|
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