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MEDecision being sold for $121 million

By Associated Press
June 18, 2008 | Comments (0)

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MEDecision Inc., which makes software used by healthcare management companies, said Wednesday it is being bought by Health Care Service Corp., which runs Blue Cross and Blue Shield plans in several states, for about $121 million.

Health Care Service runs plans in Illinois, New Mexico, Oklahoma and Texas. The company will pay $7 per share in cash, making the offer more than quadruple the stock's closing price of $1.71 Tuesday.

The boards of directors at both companies have unanimously approved the deal, which is expected to close during the fourth quarter.

Shares of MEDecision surged $4.84 to reach $6.55 in afternoon trading, approaching the buyout price.

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