PRINT THIS PAGE Private equity consortium increases offer for Biomet to $11.4bn08/06/2007. Source: AltAssets. 
 The board of directors of Warsaw, Indiana-headquartered Biomet, a specialist in the orthopedic and musculoskeletal product industry, has unanimously recommended to shareholders an increased offer from a private equity consortium including The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG to acquire Biomet for $46 per share in cash, or an equity value of $11.4bn.
The $46 per share offer price represents a premium of 32.3 per cent over the closing price of Biomet's common stock on 3 April 2006, the trading day prior to public speculation that the company was exploring strategic alternatives. Biomet subsequently confirmed on 6 April 2006 that it had retained Morgan Stanley to assist it in exploring strategic alternatives, a statement said.
Biomet designs, manufactures and markets products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.
The product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, autologous therapies and dental reconstructive implants; fixation products, including electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants and bone substitute materials; spinal products, including spinal stimulation devices, spinal hardware and orthobiologics; and products such as arthroscopy products and softgoods and bracing products.
At the end of last year, the consortium offered $10.9bn, or $44 per common share.
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