Longtime Raytel Medical CEO Richard Bader has resigned from the San Mateo, CA, company. Bader left after Raytel’s board rejected his bid to purchase the company, and voted instead to accept a competing acquisition proposal from Israeli telemedicine firm SHL Telemedicine.
SHL announced on April 2 that it had acquired 77% of Raytel’s outstanding stock. Raytel provides imaging and cardiac monitoring services. The company had fiscal 2001 revenues (end-September 30) of $71.3 million and a net loss of $13.3 million.
By AuntMinnie.com staff writersApril 9, 2002
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