|
|
A consortium of private equity groups sweetened their bid by 4.5% to $11.4 billion. To the shareholders, that means they'd get $46 rather $44 per share. The shareholders had rejected the prior bid on advice from Institutional Shareholder Services who said the bid undervalued the company. Biomet chairman Miles Noblitt wants the shareholders to accept the new offer. In a statement, he said, "We believe the proposed price for the transaction is fair to Biomet's shareholders." However, the ISS said that the shares could be worth up to $65 each. But the consortium of private equity groups bidding for Biomet said they've reached "the absolute limit." The Biomet board wants to go with the better bid. After a private equity consortium increased its bid for Biomet Inc., the board of directors recommended stockholders accept the offer, the company announced today. The $11.4 billion deal, 4.5 percent more than previously offered by a private equity consortium, for the orthopedic products maker has canceled Friday's shareholders' meeting. Shareholders will get $46 per share, rather than the previously offered $44 a share. (Continue reading this story on The Indianapolis Star)
NO COMMENTS YET
ADD YOUR COMMENT
|
|
