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Tutogen rejects Zimmer buyout

This article was originally published in The Gray Sheet

Executive Summary

Orthopedic device maker Zimmer declines to increase its bid for biological implant device maker Tutogen Medical following the latter firm's rejection of an Aug. 9 verbal "indication of interest" to buy the company for $5.00-$6.00 per share. The offer values the company at about $80 mil.-$96 mil. Tutogen stock, which traded as high as $6.29 on Aug. 3, closed Aug. 11 at $4.93, down 2.3% for the day. Zimmer, which already owns 33% of Tutogen shares outstanding, having acquired its stake through its purchase of Centerpulse in 2003, began exploring a potential expansion of its investment in March. Tutogen maintains that the Zimmer offer is "inadequate." The firm "remains open to exploring other options for enhancing shareholder value." In light of the rejection, Zimmer says it has "determined not to pursue an this time." Tutogen recently reported fiscal second quarter sales of $9.1 mil., up 21% from a year ago, and net income of $22,000 versus a year-ago loss of $1.1 mil...

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