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UPDATE: William Blair Downgrades Greenway Medical Technologies Following Announcement of Acquisition by Vista Equity Partners

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In a report published Tuesday, William Blair & Company analyst Ryan Daniels downgraded the rating on Greenway Medical Technologies (NYSE: GWAY) from Outperform to Market Perform.

In the report, William Blair & Company noted, “Monday, September 23, after the markets closed, Greenway Medical Technologies announced it would be acquired by Vista Equity Partners (which owns privately held HCIT provider Vitera Healthcare Solutions) for $20.35 in cash per share, in a $644 million cash transaction. The transaction represents a 62% premium to Greenway's 90-day average (volume-weighted) share price and a 20% premium to the stock's closing price the day prior to the transaction announcement. It also represents a more than 100% increase since the company's $10 per share initial public offering in February 2012.”

Greenway Medical Technologies closed on Monday at $17.13.

Posted-In: Ryan Daniels William Blair & CompanyAnalyst Color Downgrades Analyst Ratings

 

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