By The Associated Press
NEW YORK (AP) - M(asterisk)Modal Inc. says it has agreed to be acquired for $1.1 billion in cash by One Equity Partners, the private investment arm of JP Morgan Chase & Co.
M(asterisk)Modal will be acquired for $14 a share, a premium of 8.3 percent over the stock's last trading price Monday.
Based in Franklin, Tenn., M(asterisk)Modal provides clinical documentation services and speech understanding solutions for health care. It was known as MedQuist Holdings until January.
Investment funds affiliated with S.A.C. Private Capital Group LLC - the company's largest shareholder owning nearly a third of M(asterisk)Modal - have agreed to tender their shares into the offer.
The transaction is expected to close in the third quarter.
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