MALVERN, Pa. and ZUG, Switzerland, May 10, 2017 (GLOBE NEWSWIRE) — BioTelemetry, Inc. (NASDAQ:BEAT), the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, announced today the start of the main offer period of the tender offer to acquire all of the shares of LifeWatch AG (SIX:LIFE). The main offer period is scheduled to expire at 4:00 p.m. CEST, on May 23, 2017. It will be open for a period of ten trading days. The settlement of the tender offer is subject to regulatory approvals and other customary conditions. The Board of Directors of LifeWatch has announced it fully supports the BioTelemetry’s public tender offer and has recommended that shareholders accept it and tender their shares accordingly.
According to BioTelemetry’s offer, the shareholders of LifeWatch will receive either CHF 10.00 in cash and 0.1457 shares of BioTelemetry stock (“Main Offer Consideration”) (equivalent to CHF 4.00 per LifeWatch share based on the closing price of BioTelemetry on Friday, April 7, 2017) or CHF 8.00 in cash and 0.2185 shares of BioTelemetry stock (“Alternative Offer Consideration”) (equivalent to CHF 6.00 per LifeWatch share based on the closing price of BioTelemetry on Friday April 7, 2017), depending on individual shareholder preference.
Taking into consideration the closing price of BioTelemetry’s stock on May 9, 2017, the Main Offer Consideration and the Alternative Offer Consideration now have values of CHF 14.34 and CHF 14.51, respectively. The increase in BioTelemetry’s stock price since the initial announcement on April 9, 2017 has increased the total deal value to a range of CHF 265 million to CHF 268 million from the initial value of CHF 259 million at April 7, 2017.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. The company currently provides cardiac monitoring services, original equipment manufacturing with a primary focus on cardiac monitoring devices and centralized core laboratory services. More information can be found at www.biotelinc.com.
About LifeWatch AG
LifeWatch AG, headquartered in Zug, Switzerland and listed on the SIX Swiss Exchange (LIFE), is a leading healthcare technology and solutions company, specializing in advanced digital health systems and wireless remote diagnostic patient monitoring services. LifeWatch’s services provide physicians with critical information to determine appropriate treatment and thereby improve patient outcomes. LifeWatch AG has operative subsidiaries in the United States, in Switzerland, Israel and Turkey, and is the parent company of LifeWatch Services Inc., LifeWatch Technologies, Ltd. and LifeWatch Turkey Holding AG (joint venture). LifeWatch Services, Inc. is a leading U.S.-based provider of cardiac monitoring services. LifeWatch Technologies Ltd., based in Israel, is a leading manufacturer of digital health products. LifeWatch Saglik Hizmetlerine A.S. is the operative Turkish subsidiary of LifeWatch Turkey Holding AG and provider of mobile cardiac telemetry services in Turkey. For additional information, please visit www.lifewatch.com.
Source: BioSpace
