Fitchburg-based Arrhythmia Research Technology Inc.’s bid to acquire Biotel Inc. of Minnesota has been shot down by the firm’s board of directors.
Biotel’s board issued a statement saying it had voted to “respectfully decline” Arrhythmia Research’s previously announced proposal.
Biotel announced that it received a cash and stock offer from Arrhythmia Research on April 11 and said it would consider the deal.
Steve Springrose, president and CEO of Biotel, said in the statement that he and the company’s board are confident that Biotel’s share value would increase as investments in new products and services “come into their own.”
