Zimmer Revises European Pitch For BiometPosted: Updated:
Warsaw-based Zimmer Holdings Inc. (NYSE: ZMH) is proposing a new package to the European Commission as part of its $13.4 billion bid to acquire Biomet. The company says the formal deadline from the EC has been reset to the end of May. February 10, 2015
WARSAW, Ind. - Zimmer Holdings, Inc. (NYSE and SIX: ZMH) ("Zimmer") announced today that it has proposed a revised remedy package to the European Commission (the "EC") to facilitate the EC's approval of Zimmer's proposed acquisition of Biomet.
The revised remedy package submitted by Zimmer is generally consistent with the initial remedy package proposed in December, 2014 and reflects certain modifications to address the EC's comments based on the results of its market test of the initial proposed remedy package.
The transaction also remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the Japan Fair Trade Commission, as well as other customary closing conditions.
Zimmer noted that it is pleased with and encouraged by the progress to date with the overall regulatory process. While the formal deadline for the EC's decision has been reset to May 26, 2015, Zimmer continues to expect to close the transaction in the first quarter of 2015.
Under the terms of the merger agreement announced on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
Source: Zimmer Holdings Inc.