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Biomet buyout endorsed by shareholders

This article was originally published in The Gray Sheet

Executive Summary

Private equity buyout of the orthopedic implant manufacturer, valued at about $11.4 billion, is approved by shareholders - with 91% voting in favor of the deal, the firm announces Sept. 5. Investment partnerships managed by The Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts and TPG are paying $46 per share for the company under the terms of a tender offer amended in June (1"The Gray Sheet" June 11, 2007, p. 9). Biomet expects the deal to close before the start of October...

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Biomet update: The private equity group attempting to buy Biomet has increased its bid from $44 per share to $46 per share, or $10.9 billion to $11.4 billion, and has commenced a tender offer to acquire all outstanding shares. The tender offer, announced June 7 and set to begin on or before June 14, prevents the shareholder vote on the deal that had been scheduled for June 8. According to Biomet, if 75%-90% of share holders accept the tender offer within 20 business days, the deal will go to a shareholder vote. If over 90% of shareholders accept the offer, the deal will go through without a vote. The Institutional Shareholder Services released a report May 29 advising shareholders not to accept the $44 per share offer because it represented a "takeover premium" too low to justify giving up control of the company (1"The Gray Sheet" June 4, 2007, p. 4)...

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