Exhibit 12
CONTACT: Tom Varney
(212) 258-4335
[email protected]
FOR IMMEDIATE RELEASE
SIEMENS EXTENDS TENDER OFFER FOR SHARED MEDICAL
SYSTEMS CORPORATION TO JUNE 30, 2000
NEW YORK, June 7, 2000 -- Siemens Medical Engineering Group today announced that
a wholly owned subsidiary of Siemens Corporation, Autobahn Acquisition
Corporation, has extended until June 30, 2000 its tender offer for all of the
outstanding shares of common stock of Shared Medical Systems Corporation (NYSE:
SMS). Siemens commenced its all-cash tender offer for SMS shares on May 10, 2000
at an offer price of $73 per share, net to the seller.
Siemens received notice today from the German Federal Cartel Office (FCO) that
it will conduct a further investigation of the planned acquisition of SMS
by Autobahn Acquisition Corporation. Under German antitrust law, the FCO could
take until September 13, 2000 to complete its investigation, which relates only
to the possible effects of the acquisition in Germany. Siemens continues to
believe that the intended acquisition of SMS raises no significant antitrust
issues and is confident that the FCO will give its clearance to the acquisition
well in advance of September 13. Accordingly, Siemens is now extending the
expiration date for the tender offer to the earliest practicable date by which
it currently believes the FCO may give its clearance. Siemens intends to make
every effort to bring the FCO's further investigation to an early conclusion.
The tender offer, as extended, is now scheduled to expire at 12:00 Midnight, New
York City time, on Friday, June 30, 2000. The tender offer may be further
extended on the terms and conditions stated in the Offer to Purchase. Any
extension of the tender offer will be followed as promptly as practicable by a
public announcement, which will be issued no later than 9:00 a.m. New York City
time on the next business day after the previously scheduled expiration date.
Further information and a copy of the Offer to Purchase may be obtained from the
information agent for the offer: Georgeson Shareholder Communications Inc., 17
State Street, 10th Floor, New York, New York 10004; (212) 440-9800 (bankers and
brokers); (800) 223-2064 (all others). Credit Suisse First Boston ((800)
646-4543) is the dealer manager for the offer.
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Siemens Medical Engineering Group is one of the world's largest suppliers of
innovative products, services and complete solutions for the healthcare
industry. Siemens Medical Engineering covers the full spectrum of products,
systems and services, ranging from advanced diagnostic and therapy imaging
systems and audiology devises, to IT solutions for optimizing processes and
improving efficiency in clinics and private practices. Siemens Medical
Engineering 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 Siemens Medical Engineering, is based in Munich,
Germany. It designs, manufactures and markets a wide range of electrical and
electronics parts and systems.
