- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- Steepest Black Friday Discounts, Revealed
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Jobless Claims Below 500,000, Durable Orders Slip
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- The Executive Job Search
- S&P Stocks Trading at New 52-Week Highs
- Where Do Pardoned Turkeys Go?
- Judge Erases Couple's $525,000 Mortgage Payment
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Salvation Army's Kettles Now Credit Card-Ready
- 'Cancer of Fraud' Permeates US Health Care System
- Oil Friday
- US Plans to Reduce Emissions By 17% Within Next Ten Years
Text Size 
Biomet, a maker of hip and knee replacement products, [BMET
Loading...
()
] has agreed to be acquired by a private equity consortium for about $10.9 billion in cash.
The buyers include Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and the Texas Pacific Group, along with one of Biomet's founders, Dane A. Miller.
Shareholders are being offered $44 a share, a 27% premium to Biomet's price on April 3, the trading day before news surfaced that the company was a takeover target. Biomet started looking for a buyer with the help of Morgan Stanley on April 6.
The buyers said they will use a combination of their own cash and borrowed funds from Bank of America and Goldman Sachs to finance the takeover.
The board of Biomet voted in favor of the transaction, which is subject to shareholder approval and antitrust clearance.
Biomet said the transaction is expected to be complete by Oct. 31, and the company's stock will be delisted from the Nasdaq Stock Market.
Last week, UBS analyst Kristen M. Stewart wrote in a report that a private equity buyout wouldn't be justified at more than $43 per share.
Separately, Biomet said it is delaying the release of its fiscal second-quarter financial results because of a continuing review of its stock options practices since 1996. But the company did disclose that its unaudited sales for the quarter were $520.3 million.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes