October 2, 2018 – The Court hearing the ActiveCare case approved [Docket No.187] the (i) asset purchase agreement (“the APA”) between the Debtors and stalking horse bidder Telcare LLC (“Telcare” or “Purchaser”), a subsidiary of Biotelemetry, Inc. and (ii) the sale to Telcare of substantially all of the Debtors’ assets. The order states, “The Auction scheduled for September 26, 2018 was cancelled because Purchaser was determined to be the only ‘Bidder’ pursuant to the Bidding Procedures Order. The Auction process set forth in the Bidding Procedures Order afforded a full, fair, and reasonable opportunity for any entity to make a higher or otherwise better offer to purchase the Assets. The Auction was duly noticed and a reasonable opportunity has been given to any interested party to make a higher and better offer for the Assets. Prior to cancelling the Auction, the Debtors, in accordance with the Bidding Procedures Order, determined in the exercise of their good faith business judgment that Purchaser submitted the highest and best bid for the Assets and, accordingly, Purchaser was determined to be the Successful Bidder for the Assets.” As previously reported [Docket No.39], “The APA further details the terms of the asset sale, with the agreed purchase price to include (i) a cash element of $3.75 million, (ii) a $2.0 million earnout (to be included should certain revenue targets be met) and (iii) the cancellation/forgiveness of debt owed by the Company to Telcare.”
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