CardioNet Inc. (NASDAQ:BEAT) is giving its failed attempt to acquire cardiac monitor developer Biotel Inc. (OTC:BTEL) another shot. The Conshohocken, Pennsylvania-based wireless cardiac device maker today announced its plans to purchase Eagan, Minnesota-based Biotel Inc. for $11 million, or $3.84 per share, a 156 percent premium over its Nov. 5 closing price of $1.50. CardioNet […]
The two companies announced the acquisition in April. CardioNet, a Pennsylvania company that makes wireless devices for cardiac arrhythmias, billed the acquisition as a way to get into the cardiac clinical research services business. Biotel's shares had dropped by more than half by early Tuesday afternoon.
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