Is Biomet Really for Sale?
BY HUYEN NGUYEN, APRIL 7, 2006
Biomet was founded twenty-nine years ago with a superb management team including Dane Miller, Ph.D. Dr. Miller became the iconic figure of Biomet and has led the Company on a very successful run with a current market capitalization of $9.5 billion.
Dr. Miller's abrupt resignation a few weeks ago sent shock waves across the orthopedic industry, asking, what happened? His temporary replacement is Daniel P. Hann who will be the Interim Chief Executive Officer and Interim President. Not only did Dr. Miller's resignation confuse the industry, Mr. Hann's promotion became an issue as well. Mr. Hann's position is Senior Vice President, Secretary and General Counsel. We believe that when a general counsel is named to the top spot, it could represent changes for the Company. Also, the Board skipped a few good candidates among the Biomet team for this position. We are left wondering, what is Biomet plan for the future?
Constant media coverage continues to speculate that Biomet is up for grabs. Since then the Company claims they did not hire Morgan Stanley to sell the Company, rather to assist them "in exploring strategic alternatives". For now, we can only wait and see what Morgan Stanley can do for Biomet.
