2.2.0.7 false Recent Developments 0201 - Disclosure - Recent Developments true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Recent Developments [Abstract] 0 psys_RecentDevelopmentsAbstract psys false na duration Recent Developments. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Recent Developments. false 3 Recent Developments 1 psys_RecentDevelopmentsTextBlock psys false na duration Recent Developments. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b> </b></div> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div>   <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. Recent Developments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On May 16, 2010, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Universal Health Services, Inc., a Delaware corporation (“UHS”), and Olympus Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of UHS (“Merger Sub”). Under the terms of the Merger Agreement, Merger Sub will be merged with and into us, with us continuing as the surviving corporation and as a wholly-owned subsidiary of UHS (the “Merger”). On October 5, 2010, our stockholders adopted the Merger Agreement at a special meeting of stockholders. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">At the effective time of the Merger, each outstanding share of our common stock (the “Common Stock”), other than shares held in our treasury or owned by UHS or Merger Sub, will be cancelled and converted into the right to receive $33.75 in cash, without interest (the “Merger Consideration”), or an aggregate of approximately $2.0 billion. Including the assumption of approximately $1.1 billion in net debt, the total transaction consideration is approximately $3.1 billion. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">We made customary representations, warranties and covenants in the Merger Agreement. We are subject to a “no-shop” restriction on our ability to solicit third-party proposals, provide information and engage in discussions with third parties. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Merger Agreement contains termination rights and provides that, upon the termination of the Merger Agreement, under specified circumstances, we will be required to reimburse UHS for its transaction expenses and that, under specified circumstances, we will be required to pay UHS a termination fee of $71.5 million. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The parties to the Merger Agreement are entitled to specific performance of the terms and provisions of the Merger Agreement, in addition to any other remedy to which they are entitled, including damages for any breach of the Merger Agreement by the other party. Consummation of the Merger is not subject to a financing condition, but is subject to various other conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) and other customary closing conditions. On July 28, 2010, we and UHS each received a Request for Additional Information (“Second Request”) from the Federal Trade Commission (“FTC”) in connection with their filings under the HSR Act. Both we and UHS have complied with the Second Request and anticipate FTC approval of the transaction in November 2010. The parties also expect to close the transaction in November 2010. Where this Quarterly Report on Form 10-Q discusses our future plans, strategies or activities, such discussion does not give effect to the proposed Merger. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock Recent Developments. No authoritative reference available. false 1 2 false UnKnown UnKnown UnKnown false true