Merge Healthcare (Milwaukee), a healthcare IT solutions provider, has commenced an exchange offer for all of the outstanding shares of etrials Worldwide's (Morrisville, North Carolina) common stock pursuant to their previously disclosed definitive merger agreement.

The Merge tender offer, which consists of a mix of $0.80 in cash and 0.3448 shares of Merge common stock for each share of etrials common stock, represents an aggregate value of $1.70 a share, calculated using the $2.610, 20-day volume-weighted average price of Merge common stock as of the close of market on May 26, the last trading day before Merge made its offer to etrials.

The exchange offer is scheduled to expire at midnight, EDT, on July 14, unless extended.

etrials provides eClinical software and services to medical device, pharmaceutical and biotechnology companies.