This article is more than 5 years old. Information may no longer be current.
Biomet announces offer to acquire DePuy trauma business
Click Here to Manage Email Alerts
Biomet Inc. has made a binding offer to acquire the worldwide trauma business of DePuy Orthopaedics Inc. Under the terms of the offer, which is subject to exclusivity protection, Biomet will pay approximately $280 million in cash, according to a company press release. The binding offer was made in order to permit DePuy Orthopaedics to comply with its consultation obligations with various European works councils prior to entering into a negotiated, mutually binding purchase agreement.
“This transaction will provide Biomet with a much stronger presence in the global trauma market and greatly expands our sports, extremities and trauma business, which is a meaningful growth driver for Biomet,” Jeffrey R. Binder, president and chief executive officer of Biomet stated in the release.
The binding offer expires on June 1, 2012, but can be extended under certain circumstances. The transaction is subject to receipt of regulatory approvals, completion of required employee consultation procedures and other customary closing conditions, according to the release.