Offer for Biomet Increased to $46.00 Per Share
BY LAUREN UZDIENSKI, JUNE 7, 2007
The private equity consortium acquiring Biomet increased their buyout offer from $44.00 per share to $46.00 per share, an equity value of $11.4 billion. The $46.00 offer represents a 32.3% premium over Biomet's April 3, 2006 closing price, the trading day before news surfaced that the company was for sale. Biomet's Board of Directors urged shareholders to approve the latest offer, which followed a report from Institutional Shareholder Services that said the initial offer was too low.
The consortium will commence a tender offer on or before June 14.
