CBay acquires Spheris for $116 Million
In the two-phased acquisition, CBay's subsidiary MedQuist acquired the North American assets of Spheris while CBay bought out the entire stock of Spheris India. Spheris had earlier filed for bankruptcy protection in the U.S. court.
The deal size was originally pegged to be around $75 million when they entered into a stalking horse agreement in February 2010. But, CBay Holdings had to raise the bid amount to $116.3 million.
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