Wednesday, June 8, 2022

Oracle Completes Acquisition of Cerner

 As a Kansas City native, I take a great deal of pride in my hometown.  KC is a great place to live, a great place to raise a family, and a really great place to practice dentistry.

We also have some pretty amazing home grown businesses.  I'm talking about things like Charlie Hustle (shirts & active wear), Boulevard Brewing, and even Hallmark Cards.  Over the years we've even had a few really big and important companies in the healthcare space grow up in the KC area.  One of them was Marion Labs which eventually became Marion-Merril-Dow and another *really* big one named Cerner.

If you are in healthcare, especially dealing with, or working in, hospitals, you're familiar with Cerner.  The electronic health record company started here in Kansas City in the early 1980s.  The started out, as most companies do, as a small operation with fewer than 50 people.  My family owned a small commercial printing company and they worked closely with Cerner in their early years.  The instruction manuals that came with the software were printed by the family business... and some of them actually printed by ME!  Whenever I had a break from school, while my friends were going to exotic locations, I was printing instruction manuals for Cerner products and delivering to their office, sometimes multiple times per day.

Things have changed a little since then.  Cerner grew exponentially.  They employed tons of KC workers.  They built office towers all over the metro KC area.  For a few years it seemed as if there were buildings constantly under construction with the Cerner logo on them.  A decent percentage of my patients were employed there.  Cerner became a powerhouse.  

Now comes word of Cerner being acquired by Oracle.  Here are the details...

Oracle Corporation (NYSE: ORCL) announced that a majority of the outstanding shares (the “Shares”) of Cerner Corporation (Nasdaq: CERN) were validly tendered, and the other conditions to the tender offer have been satisfied or waived. The deal will close on June 8, 2022. American Stock Transfer & Trust Company LLC, the depositary for the tender offer, has indicated that as of 12:00 midnight, Eastern time, at the end of the day on June 6, 2022, approximately 204,280,589 Shares, or 69.2% of the total Shares, have been validly tendered.

Larry Ellison, Oracle’s Chairman of the Board and Chief Technology Officer, will outline Oracle’s strategy to redefine the future of healthcare at a virtual event on June 9, 2022, at 3:00 p.m. CT. Register for the event.  

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