MedQuist, CBay Get Bankrupt Spheris For $116M

Law360, New York (April 15, 2010, 7:31 PM EDT) -- MedQuist Inc. and CBay Inc. have won court approval of a $116.3 million bid for bankrupt medical transcription technology company Spheris Inc., a substantial premium over the $75 million the stalking horse bidders initially proposed.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware issued an order approving the deal Thursday, following a two-day auction. The Section 363 deal included a $98.8 million cash consideration, according to a notice filed in Spheris' bankruptcy court docket.

“Approval of the agreement and consummation of...
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