Irvine defibrillator maker Cardiac Science Inc. said reviews by federal regulators have again delayed its plans to acquire a Swedish maker of patient monitors and defibrillators.
Cardiac's chief executive, Raymond W. Cohen, would not elaborate on the review process in the company's tender offer to shareholders of Artema Medical. Cardiac extended the time for shareholders to tender their shares from Monday to June 18.
Cohen said his company has financing committed to acquire Artema for $20 million in stock and to complete a pending $71-million cash-and-stock purchase of Survivalink Corp. in Minneapolis, the nation's third-largest manufacturer of portable defibrillators.
Cohen blamed the snag in closing the Artema deal--the second delay in that transaction--on red tape at the Securities and Exchange Commission.
But analyst Dan Owczarski at Gruntal & Co. in Chicago said he fears that Cardiac might lack the financial resources to complete the deals, especially the purchase of Survivalink, which is four times the size of Cardiac Science.
The 10-year-old company has never made a profit and has racked up nearly $40 million in losses in two years. Cardiac's stock lost 7 cents to close at $2.88 on Nasdaq.