December 23, 2010 ? Virtual Radiologic (vRad) and NightHawk Radiology announced the completion of their previously announced merger, with NightHawk continuing as a wholly owned subsidiary of vRad.
Under the terms of the merger agreement, vRad, a national radiology practice and developer of radiologist workflow technology, acquired all of the outstanding shares of NightHawk for $6.50 per share in cash. Following the transaction, the companies will provide enhanced services to radiology groups and hospitals nationwide.
vRad and NightHawk merged in recognition of the market need to deliver high-quality patient care in the most efficient manner possible. The combined organization will offer radiology practices and hospitals access to 325 affiliated radiologists, more than 75% of which are fellowship-trained subspecialists. These radiologists will serve nearly 2,700 healthcare facilities across all 50 states, and will read in excess of 7 million studies annually.
With the closing of the transaction, NightHawk’s common stock ceased to trade on NASDAQ and was delisted. Letters of transmittal allowing former NightHawk stockholders to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed promptly.
For more information: www.vrad.com