Private Equity Consortium Increases Offer for Biomet Inc. to $46.00 Per Share in Cash Through Tender Offer
WARSAW, Ind.--(BUSINESS WIRE)--The Board of Directors of Biomet, Inc. (NASDAQ:BMET), a worldwide leader in the orthopedic and musculoskeletal product industry, announced today that it has unanimously recommended to shareholders an increased offer from a private equity consortium to acquire Biomet for $46.00 per share in cash, or an equity value of $11.4 billion. Under the terms of the revised merger agreement, the consortium – which includes affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG – will commence a tender offer on or before June 14, 2007, to acquire all of the outstanding shares of Biomet’s common stock. Following completion of the tender offer, the consortium will complete a second-step merger in which any remaining common shares of Biomet will be converted into the right to receive the same per share price paid in the tender offer.