Eclipsys Launches $2 Billion Takeover of Shared Medical Systems

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Eclipsys (ECLP) said it launched a $2 billion unsolicited bid to buy Shared Medical Systems (SMS) . Eclipsys said the offer tags Shared Medical at roughly $67 a share, in cash or stock, a 75% premium over Shared Medical's closing price.

Eclipsys said it has tried to hold merger talks with Shared Medical "for some time," but according to Eclipsys chairman and CEO Harvey J. Wilson, the company has been, "unable to initiate a serious dialogue that might lead to the substantive negotiations necessary to make this possible," reported in

Reuters

. Wilson said he wanted any agreement to be friendly.

Three IPO's are set to make their trading debut's during tomorrow's session. For more on their pricing and underwriting information, check out

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Offerings and stock action

coverage.

In other postclose news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures

Sun International

(SIH)

and

Starwood Hotels & Resorts

(HOT)

said Sun's plans to buy the

Desert Inn Hotel & Resort

in Las Vegas from Starwood have been axed. Starwood said that it is putting the property back on the auction block. According to the companies, if the hotel is sold for less than Sun's $275 million offer, Sun will pay Starwood 50% of the deficit, up to $15 million.

US West

(USW)

said its $36 billion merger plans with

Qwest

(Q)

were still intact, but it would not comment on rumors of other possible deals. Yesterday,

USA Today

reported that

Deutsche Telekom

(DT) - Get Report

launched an offer to buy

Qwest Communications

(Q)

and

US West

(symbol)

.

According to

The Wall Street Journal

, Deutsche's chairman Ron Sommer was in negotiations with Qwest. Other reports suggest that U S West was kept in the dark about the earlier negotiations.

Valero Energy

(VLO) - Get Report

said it has entered a $895 million deal to purchase

ExxonMobil's

(XOM) - Get Report

refinery in Benicia, Ca. Valero said the acquisition also includes 80 retail stores and a 260-store distribution chain. Exxon Mobil sold the refinery to meet

Federal Trade Commission

requirements related to its merger.

Earnings/revenue reports and previews

Albertson's

(ABS)

said it expects to meet the fourth-quarter, 17-analyst estimate of 70 cents a share. The supermarket chain attributed the results to strong quarterly sales, which were up 5.7% from the year-ago report. Albertson's said its fourth-quarter same-stores rose 2.8% from last year.

American Tower

(AMT) - Get Report

posted a fourth-quarter loss of 11 cents a share, a penny better than the nine-analyst estimate and in line with the year-ago report.

Hollywood Entertainment

(HLYW)

posted fourth-quarter earnings of 31 cents a share, in line with the five-analyst estimate and up from the year-ago 25 cents.

Hutchinson Technology

(HTCH)

said it would cut 250 jobs from its workforce and assume a second-quarter charge of $800,000. The company blamed the job cuts on the slow demand for its suspension assemblies for disk drives.

Peerless

(PRLS)

reported a fourth-quarter loss of 4 cents a share, narrower than the two-analyst estimate of a 6 cent loss and down from the year-ago 9 cent profit.

PETsMART

(PETM)

reported fourth-quarter earnings of 18 cents a share, in line with the six-analyst estimate and up from the year-ago 15 cents.

Quadramed

(QMDC)

posted fourth-quarter earnings of 9 cents a share, beating the eight-analyst estimate of 4 cents but down from the year-ago 29 cents.

Starbucks

(SBUX) - Get Report

posted a 10% increase in February same-store sales.

Vishay Intertechnology

(VSH) - Get Report

said it expects to report earnings that beat the first-quarter, seven-analyst estimate of 43 cents a share.

Wind River Systems

(WIND)

posted fourth-quarter earnings of 19 cents a share, missing the six-analyst estimate of 21 cents and in line with the year-ago report.

Offerings and stock actions

Ariba

(ARBA)

set a 2-for-1 stock split.

Global Crossing

(GBLX)

said it has tapped the head of its Internet business, Leo Hindrey, to replace Bob Annunziata as its CEO. Annunziata will sit on the company's board.

Global Crossing also confirmed its plans to create a tracking stock for its

GlobalCenter

Web-hosting business, with an IPO set for this summer. Global Crossing CFO Dan Cohrs told

Reuters

last month that the offering would include less than 20% of GlobalCenter.

Earlier today,

Bloomberg

reported that

Deutsche Telekom

(DT) - Get Report

is negotiating a possible acquisition of Global Crossing, which would give Deutsche access to the U.S., Asia and Latin America, people familiar with the matter said. According to the source, the two companies have not agreed on a price.

Miscellany

General Motors

(GM) - Get Report

issued a recall for 900 EV1 electric cars and S-10 electric pickup trucks due to a charger port that could become flammable. The recall represents roughly 2/3 of the electric cars that its has made since 1996.

OPEC

producers want to boost oil output as soon as possible, Gulf sources told

Reuters

. According to a source, "there is for sure a goal to increase production as soon as possible in order to bring the market to a rebalanced situation."

Reliant Energy

(REI) - Get Report

said Charles Oglesby, stepped down from his role as CEO of its Wholesale Group to pursue other interest. Oglesby oversaw the $2.2 billion purchase of the Dutch power firm

NV UNA

, which was completed yesterday.

For a look into this evening's after-hours trading action, please check out

TheStreet.com's

The Night Watch.