Private Equity Consortium Commences Tender Offer for Biomet (BMET)
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LVB Acquisition, LLC and LVB Acquisition Merger Sub, Inc. have commenced a tender offer to acquire all of the outstanding common shares of Biomet, Inc. (NASDAQ: BMET) for $46.00 per share in cash, or an equity value of $11.4 billion.
LVB Acquisition, LLC and LVB Acquisition Merger Sub, Inc. are indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.
The offer is conditioned upon, among other things, there being validly tendered and not withdrawn before the expiration of the offer that number of Biomet common shares which, when added to any shares already owned by LVB Acquisition, LLC and its subsidiaries, represents at least 75% of the outstanding shares. The offer and withdrawal rights will expire at midnight, New York
City time, on Wednesday, July 11, 2007, unless the offer is extended.
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