LifeWatch’s Largest Shareholders Accept BioTelemetry, Inc.’s Tender Offer for LifeWatch AG
MALVERN, Pa. and ZUG, Switzerland, May 30, 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 that LifeWatch’s largest shareholders, including Himalaya TMT Fund, Aevis Victoria SA and Antoine Hubert, pledged support of the Company’s tender offer for all outstanding shares of LifeWatch AG (SIX:LIFE) and have agreed to tender their shares. Collectively, these shareholders represent approximately one-third of LifeWatch’s outstanding shares. In addition, the Board of Directors of LifeWatch offered unanimous support of BioTelemetry’s recently revised tender offer, calling the offer “fair and adequate”.
In the offer, shareholders of LifeWatch will receive either CHF10.00 in cash and 0.1617 shares of BioTelemetry stock (“Main Offer Consideration”) (equivalent to CHF14.53 per LifeWatch share based on the closing price of BioTelemetry on Tuesday, May 23, 2017) or CHF8.00 in cash and 0.2350 shares of BioTelemetry stock (“Alternative Offer Consideration”) (equivalent to CHF14.59 per LifeWatch share based on the closing price of BioTelemetry on Tuesday, May 23, 2017), depending on individual shareholder preference. The total value is approximately CHF269 million.
The initial main offer period of the tender offer will end on June 8, 2017, at 4:00 p.m. CEST. If the main offer period is not extended at that time, the additional acceptance period is expected to begin on June 15, 2017 and end on June 28, 2017, at 4:00 p.m. CEST.
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 Sağlık 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.