BioTelemetry Launches Tender Offer To Buy LifeWatch

(RTTNews) - BioTelemetry Inc. (BEAT) and LifeWatch AG (LFWWF.PK) announced that they reached a definitive transaction agreement under which BioTelemetry will launch a tender offer in Switzerland to acquire all of the outstanding shares of LifeWatch AG, with shareholders receiving either CHF10.00 in cash and 0.1457 shares of BioTelemetry stock or CHF8.00 in cash and 0.2185 shares of BioTelemetry stock, depending on individual shareholder preference. The total deal value is approximately CHF260 million.

The transaction has been approved by both Boards of Directors.

BioTelemetry expects the combination to yield significant synergies to be realized over the 12 to 18 month period, post-closing. Assuming the transaction had occurred on January 1, 2017 and full synergies had been realized immediately, the combined 2017 adjusted EBITDA would be approximately $95 to $100 million.

The transaction is expected to close in the third quarter of 2017. The Pre-Announcement, including the conditions of the tender offer, is being published concurrently with this press release. BioTelemetry intends to disseminate an Offer Prospectus under Swiss law and commence the tender offer by mid-April 2017.

The transaction is conditioned upon at least 67% of all LifeWatch shares that are issued and outstanding at the end of the offer period, which may be extended, tendering into the offer.