Tutogen Medical rejects Zimmer's informal offer
This article was originally published in Clinica
Tutogen Medical has decided to reject an informal acquisition offer made last week by Zimmer. Zimmer contacted the management of the Alachua, Florida firm to offer $5-6 per outstanding share in the company, in which it already holds a 33.2% stake. However, Tutogen said the price range was "inadequate" and said it was in its shareholders' best interests "to continue its focus on its operating plan". The biological implant maker said it was still open to other options, though.