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Zimmer submits revised remedy package to EC regarding Biomet acquisition

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Zimmer recently announced it has submitted a revised remedy package to the European Commission to expedite Zimmer’s proposed acquisition of Biomet.
The new package, which the company notes is consistent with its initial package submitted in December 2014, addresses several of the European Commission’s (EC’s) concerns following the results of a market test of Zimmer’s initial package, according to a company press release.

The proposed acquisition is still under the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Japan Fair Trade Commission also has yet to issue its approval of the transaction, the release stated.
Although the EC’s deadline has been reset to May 26, Zimmer expects to complete the acquisition during the first quarter of 2015, according to the release. The overall cash and stock transaction is valued at approximately $13.35 billion.

Reference: www.zimmer.com.