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Cardiotronics

This article was originally published in The Gray Sheet

Executive Summary

Proposes acquisition of all outstanding R2 Medical stock for $4 a share in cash or Cardiotronics stock, the firm reports May 10. The Carlsbad, California rapid cardiac resuscitation and support device firm's proposal is being reviewed by R2's board, although R2 notes that "an earlier Cardiotronics offer to acquire R2 at a price of $4 per share was rejected as inadequate." Cardiotronics "believe[s] that a combination of Cardiotronics" direct-sales organization and R2 Medical's market position would create a strong competitor in the stimulation-electrode market, and would be in the best interests of the shareholders of each company," Ronald Bromfield, president and CEO of Cardiotronics, said. A "13-D" filing with the Securities and Exchange Commission related to the proposal discloses Cardiotronics ownership of 175,500 R2 shares, or about 6.6% of outstanding common
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