Weil Reps Equity Firm In $294M Radiology Co. Purchase

Law360, New York (May 17, 2010, 2:43 PM EDT) -- Providence Equity Partners has agreed to pay about $294 million to buy Virtual Radiologic Corp. in an all-cash deal to take the national radiology practice private.

The definitive agreement, announced Monday, calls for Providence Equity to offer vRad's stockholders $17.24 per share in cash. That figure is a 41.7 percent premium over the company's 30-day average closing price of $12.18 and a 54.9 percent premium over its three-month average of $11.3.

The companies have estimated the deal's value at $294 million.

VRad's board of directors has...
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