CardioNet completes contested purchase
CardioNet Inc., a Conshohocken wireless medical technology company, announced Wednesday that it had completed its acquisition of Biotel Inc., a Minnesota developer of medical devices and related software that wirelessly record heart functions.
CardioNet Inc., a Conshohocken wireless medical technology company, announced Wednesday that it had completed its acquisition of Biotel Inc., a Minnesota developer of medical devices and related software that wirelessly record heart functions.
CardioNet paid $11.6 million or $4.055 per share.
CardioNet had called off a merger with Biotel in July, which prompted a lawsuit by Biotel seeking the completion of the deal. As part of the new merger agreement, the litigation was dropped.
Founded in 1999, CardioNet has developed a digital monitoring technology for patients with heart rhythm disorders.
Shares were price at $4.94, down 3 cents, in morning Nasdaq trading. - Christopher K. Hepp