So shares of M*Modal jumped more than 2 percent Tuesday, climbing well above the $14 the private-equity arm of JPMorgan Chase has agreed to pay for the Franklin-based medical technology firm. The reason: In a filing with the Securities and Exchange Commission, M*Modal officials say a competitor in June offered $17 for the company. Wells Fargo analyst Gray Powell says that bidder likely was/is Nuance Communications but adds that antitrust considerations complicated the discussions. Still, the disclosure whetted the appetite of traders hoping for a bidding war.
Also in the M*Modal filing are details of the bonus payments Chairman and CEO Vern Davenport and his senior team will get when — is it 'if' now? — the One Equity deal closes. Davenport is in line to receive $1 million between now and next fall, his lieutenants another $3 million.