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Biomet Capitulates In Merger Fight, Accepts $46.00 Private Equity Buyout
Posted on 06/07/2007 16:31:40 | Link | Post Comment
by Jon C. Ogg
24/7 Wall St.
Biomet, Inc. (BMET) has recived and accepted a higher buyout price for shareholders. The company announced that it has unanimously recommended to shareholders an increased offer from a private equity consortium to acquire Biomet for $46.00 per share in cash. This $11.4 Billion deal is a sweetened offer from the private equity consortium including affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. This will commence on June 14, 2007.
Morgan Stanley provided the Board of Directors with its opinion that the revised merger agreement is fair from a financial point of view to holders of Biomet common stock. Completion of the tender offer is subject to the condition that at least 75% of the Biomet common shares have been tendered in the offer, which is the same percentage approval requirement as with the previous merger structure.
Continue article at 247WallSt.com
BioHealth Investor.com
______________________
24/7 Wall St.
Biomet, Inc. (BMET) has recived and accepted a higher buyout price for shareholders. The company announced that it has unanimously recommended to shareholders an increased offer from a private equity consortium to acquire Biomet for $46.00 per share in cash. This $11.4 Billion deal is a sweetened offer from the private equity consortium including affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. This will commence on June 14, 2007.
Morgan Stanley provided the Board of Directors with its opinion that the revised merger agreement is fair from a financial point of view to holders of Biomet common stock. Completion of the tender offer is subject to the condition that at least 75% of the Biomet common shares have been tendered in the offer, which is the same percentage approval requirement as with the previous merger structure.
Continue article at 247WallSt.com
BioHealth Investor.com
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