Thursday, June 7, 2007

Biomet Agrees to Increased $11.4 Billion Buyout Offer (Update4)

By Robert Simison and Elizabeth Lopatto

June 7 (Bloomberg) -- Biomet Inc., a maker of orthopedic implants, agreed to a sweetened $11.4 billion buyout offer from private equity firms after a lower bid was criticized by one of the biggest shareholders and an advisory firm.

The new $46-a-share proposal is 4.5 percent higher than the $44 that Blackstone Group LP, Kohlberg Kravis Roberts & Co., TPG, and the private-equity arm of Goldman Sachs Group Inc. had made. Biomet, based in Warsaw, Indiana, said in a statement today that it canceled a vote set for tomorrow on the old bid.

The buying group will start a tender offer by June 14, Biomet said. The increased bid may close a dispute over the company's value set off in December when Biomet accepted the equity group's $10.9 billion offer. Smith & Nephew Plc, Europe's biggest maker of orthopedic devices, said Biomet rejected its higher bid, and Institutional Shareholder Services recommended that investors vote against the transaction.

7 comments:

Luciano Bove said...

HI, just visiting....!

Kold_Kadavr_flatliner said...

Got bawls, huh? While most of U.S. don’t know how to read the signs of the times (and between the lines), know Almighty God’s a concrete, kick-ass reality! I’m proof!! GOD BLESSA YOUSE -Fr. Sarducci, SNL --- May the Creator of the Cosmos bestow upon you discernment and wisdom this CHRIST-mass season. Be at peace.

Adie Andrews said...

This looks absolutely reasonable :) besides the previous proposal was for more than unreal lower prices.

Regards rent holiday apartment london

Aaron said...

Awesome. This is a good argument for the lower prices. I also agree with the Adie. Good point.

Greetings, vacation rental in Barcelona

Toronto Airport Transportation said...

Hi, enjoy visiting your blog. keep up posting interesting articles

Pearson Airport Taxi

damsel said...

It's quiet reasonable. good that you have told us this as well

Toronto Airport Taxi

emp said...

Hi there, this is very reasonable and thanks for this info

IT Maintenance