Tutogen purchase plan scuttled
This article was originally published in The Gray Sheet
Executive Summary
Tissue product manufacturer remains public after ending acquisition negotiations with an unspecified private equity firm. On Nov. 4, Tutogen Medical announced that the equity firm offered to buy the West Paterson, N.J. company for $94 mil. (1"The Gray Sheet" Nov. 10, 2003, In Brief). CEO Manfred Kruger cites "questions about the possibilities of this potential transaction closing by early 2004" as reason for the deal's demise...
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Tutogen for sale
Negotiations between Tutogen and an unnamed, "unaffiliated private equity firm" to acquire the company are expected to conclude by year-end, with due diligence to be completed by December, Tutogen says. Under a "non-binding" agreement announced Nov. 3, the equity firm has offered to purchase all outstanding Tutogen stock for $6 per share in cash - valuing the deal at about $94 mil. Tutogen has been seeking an acquirer to help grow sales of its Puros, Symmetry and PLIF specialty sterile allograft products (1"The Gray Sheet" May 5, 2003, p. 24). Zimmer, which acquired a 30% stake in Tutogen through its Centerpulse purchase earlier this year, says it is mulling the offer; however, a distribution pact with Tutogen will remain in place until expiration in 2010. Tutogen stock closed Nov. 4 at $5.59, up 23%...
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