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FOR IMMEDIATE RELEASE
CONTACT: Tom Varney
Siemens Corporation
(212) 258-4335
[email protected]
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Julie McDowell
Shared Medical Systems Corporation
(610) 219-6528
[email protected]
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SIEMENS COMPLETES MERGER WITH
SHARED MEDICAL SYSTEMS CORPORATION
New York and Malvern, Pa., July 6, 2000 - Siemens Medical Engineering Group
(Med) announced today that the merger of Autobahn Acquisition Corporation and
Shared Medical Systems Corporation (SMS) has been completed and that SMS has
become a wholly owned subsidiary of Siemens Corporation and an indirect wholly
owned subsidiary of Siemens Aktiengesellschaft (Siemens AG).
Pursuant to the provisions of the Delaware General Corporation Law and the
terms of the merger agreement between Siemens Corporation and SMS, the shares of
SMS which were not owned by Siemens Corporation at the time of the merger were
converted into the right to receive $73 net per share in cash. Holders of such
shares will be receiving a notice of merger and appraisal rights within 10 days
of the merger.
Med is one of the world's largest suppliers of innovative products,
services and complete solutions for the healthcare industry. Med covers the
full spectrum of products, systems and services, ranging from advanced
diagnostic and therapy imaging systems and audiology devices, to IT solutions
for optimizing processes and improving efficiency in clinics and private
practices.
Med posted orders worth 4.14 billion euros (DM8.1 billion; $4.35 billion)
and sales of 4.09 billion euros (DM8.0 billion; $4.3 billion) in fiscal 1999,
and has some 19,000 employees worldwide.
Siemens AG, the parent of Med, is based in Munich, Germany. It designs,
manufactures and markets a wide range of electrical and electronic parts and
systems.
Founded in 1969, Shared Medical Systems Corporation has over 30 years of
network computing experience, operating the industry's largest Information
Services Center (ISC) and Health Information Network for application hosting, e-
commerce, enterprise systems management, and managed Internet services. SMS
specializes in information solutions for hospitals, provides process and
structural consulting, application services and manages IT infrastructures. As
the premier Application Service Provider (ASP) in healthcare, SMS's ISC operates
health applications for over 1,000 health providers with connections to over
400,000 customer workstations, and processes 80 million transactions each day.
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