Centerpulse board recommends Zimmer acquisition offer
This article was originally published in The Gray Sheet
Executive Summary
Proposal is contingent on Zimmer stockholder approval at Aug. 21 meeting to be convened to vote on the issuance of additional stock. As of Aug. 13, 98% of Zimmer proxies were in favor of the transaction, the firm notes Aug. 15. Smith & Nephew effectively bowed out of the bidding process for the Swiss firm Aug. 6 (1"The Gray Sheet" Aug. 11, 2003, p. 20)...
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Centerpulse SEC inquiry
Acquisition of orthopedics firm is approved by 98% of Zimmer shareholders Aug. 21, following a Centerpulse board recommendation favoring the Zimmer deal (1"The Gray Sheet" Aug. 18, 2003, In Brief). Centerpulse insists that an "informal" Securities & Exchange Commission inquiry into certain accounting issues, begun in July and announced Aug. 20, will not impact the roughly $3.2 bil. merger transaction. Zimmer says it is conducting its own investigation. Centerpulse believes a laid-off former employee's concerns over the reversal of a price adjustment on certain U.S. inventory in the amount of $1 mil. may have triggered the SEC investigation, although the agency has not indicated specific areas of concern. Centerpulse notes it has "provided information and data as requested." The firm's shareholders have until Aug. 27 to tender their shares under the Zimmer offer...
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