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...
You may also be interested in...
Mergers & Acquisitions In Brief
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)...
Keeping Track: Cancer Approvals From Lumisight Imaging To Adjuvant Alecensa
The US FDA’s approval of Lumicell’s optical imaging agent Lumisight makes a dozen novel approvals in 2024 for the Center for Drug Evaluation and Research.
Partisan Politics Returns To US FDA Congressional Oversight
The US FDA has stood out as an agency that tends to draw broad bipartisan support amid a generally rancorous and divided Congress. A House hearing, however, may be a sign that those days are over.