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This article was originally published in The Gray Sheet

Executive Summary

Rejects Maxxim Medical's most recent offer to acquire the orthopedic device company. Maxxim had offered to pay $11.50 in cash for each of Kirschner's outstanding shares, less any break-up fee resulting from terminating its merger agreement with Biomet. On July 25, Sugar Land, Texas-based Maxxim had offered to pay either $11.50 in cash or an equivalent value in common stock, at Maxxim's discretion, for each Kirschner share, but committed itself on July 28 to payment in cash. Maxxim had hoped to lure the Timonium, Maryland-based firm away from the definitive agreement it signed with Biomet, under which each Kirschner common share will be exchanged for either $10.75 in cash or an equivalent value in Biomet common stock ("The Gray Sheet" July 25, In Brief). Kirschner notes that Biomet has made a $2 mil. earnest money deposit, "refundable under certain conditions," and that Kirschner must pay $1 mil. if it terminates the transaction under certain circumstances

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