According to this report in Nashville Biz Journal, two companies will go up against "stalking horse" bidder MedQuist Inc (Cbay) in an April 13 auction for the assets of bankrupt Spheris Inc.
"Transcend Services Inc. has joined Nuance Communications Inc. in bidding for bankrupt medical transcription company Spheris Inc. The two companies will go up against “stalking horse” bidder MedQuist Inc. in an April 13 auction administered by a Delaware bankruptcy judge.
Spheris, the nation’s second-largest provider of clinical documentation technology and services, filed for Chapter 11 bankruptcy on Feb. 3. At the same time, Spheris announced plans to sell its U.S. operations to MedQuist and its non-bankrupt India subsidiary to CBay for $75.2 million.
However, before the sale can go through, the bankruptcy judge must hold an auction of Spheris’ assets. Today was the deadline for interested buyers to submit bids.
According to court documents filed late today, Transcend and Nuance were the only two bids received. A sale hearing is set for 9 a.m. on April 15."
PS: Interesting development!