Exhibit 1
CONTACT: Tom Varney
(212) 258-4335
[email protected]
FOR IMMEDIATE RELEASE
SIEMENS ANNOUNCES EXPECTED TERMINATION OF GERMAN ANTITRUST
WAITING PERIOD REGARDING PENDING ACQUISITION OF
SHARED MEDICAL SYSTEMS CORPORATION
NEW YORK, June 21, 2000 -- Siemens Medical Engineering Group (Med)
today announced that the German Federal Cartel Office has informed Siemens that
it intends to terminate the in-depth review and to clear the transaction under
the German merger controi laws applicable to Siemens Corporation's pending
acquisition of Shared Medical Systems Corporation (NYSE: SMS) by June 30.
Termination of the in-depth review will not be final until the Federal Cartel
Office issues its written decision, which the Federal Cartel Office said it
would issue prior to June 30.
As previously announced, Siemens Corporation and Shared Medical Systems
Corporation (SMS) have entered into a merger agreement under which a wholly
owned subsidiary of Siemens Corporation, Autobahn Acquisition Corporation,
commenced on May 10, 2000, an all-cash tender offer for all of SMS's outstanding
common stock at a price of $73.00 per share. The tender offer is conditioned
upon, among other things, there being tendered and not withdrawn prior to the
expiration date of the tender offer at least a majority of the outstanding
shares of common stock.
The tender offer and withdrawal rights are scheduled to expire at 12:00
midnight, New York City time, on Friday, June 30, 2000, unless extended. 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 Corporation ((800) 646-4543) is the dealer manager for the
tender offer.
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SIEMENS ANNOUNCES EXPECTED TERMINATION - page 2
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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. 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 Siemens Medical Engineering, 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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