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Philips: completes offer, wins control of BioTelemetry

( - Philips said it has succeeded in its offer to acquire BioTelemetry, completing its move for control of the US-based provider of remote cardiac diagnostics and monitoring tools.

The Dutch health technology company said results of its tender offer, which closed overnight, showed shareholders tendered a total of 27.2 million shares, bringing its stake in BioTelemetry to nearly 79%.

An additional 1.6 million shares had been tendered by notice of "guaranteed delivery," representing approximately 4.6% of BioTelemetry's shares, Philips said. It paid 72 dollars for each share.

Philips expects to complete the acquisition later today, meaning that BioTelemetry will become a wholly owned subsidiary and will no longer be traded on the Nasdaq.

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