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Biomet engages Morgan Stanley

This article was originally published in The Gray Sheet

Executive Summary

Stymied in its effort to reverse several quarters of lackluster revenue performance, Biomet has solicited Morgan Stanley's assistance in "exploring strategic alternatives focused on enhancing shareholder value," the firm announced April 6. The news follows on the heels of CEO and co-founder Dane Miller's resignation (1"The Gray Sheet" April 3, 2006, In Brief). The orthopedics firm says the consideration may not result in specific action. Meanwhile, analysts suggest that Biomet would be an attractive acquisition for major orthopedics players, including Stryker, Zimmer, Smith & Nephew and J&J...

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Biomet CEO quits

After nearly 20 years at the orthopedics firm, CEO and co-founder Dane Miller, PhD, resigned on March 27. Effectively immediately, Senior VP Daniel Hann, who joined the company in 1989, will command the top spot following Miller's departure. Miller will remain director of the board and will serve as a consultant to the company. "I'm not out of the game, just sitting on the bench right beside our new coach," Miller said during a March 27 call. Miller has served as CEO of the firm since its formation in 1977 and the decision was unexpected by many in the industry, especially after Miller headlined the Biomet's AAOS presentation just the week prior. However, it appears that several months of declines in both stock price and revenue growth likely forced his decision (1"The Gray Sheet" March 27, 2006, p.13)...

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