Zimmer, Biomet Merger Gets ExtensionPosted: Updated:
Warsaw-based Zimmer Holdings Inc. (NYSE: ZMH) has announced an extension of the proposed merger deadline with Biomet Inc. to late-July. The nearly $13.4 billion deal is still awaiting clearance from the U.S. Federal Trade Commission. April 13, 2015
WARSAW, Ind. - Zimmer Holdings, Inc. (NYSE and SIX: ZMH) ("Zimmer") announced today that the "outside date" for completing the proposed merger pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated April 24, 2014, among Zimmer, Owl Merger Sub, Inc. and LVB Acquisition, Inc., the parent company of Biomet, Inc. ("Biomet"), has been extended from April 24, 2015 to July 23, 2015. The terms of the Merger Agreement allowed either party to extend the outside date for an additional 90 calendar days if necessary regulatory clearances under the applicable antitrust laws of certain jurisdictions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, have not been obtained.
As previously announced, the European Commission has conditionally cleared Zimmer's proposed acquisition of Biomet. The Japan Fair Trade Commission also has granted clearance of the pending transaction. The transaction remains subject to clearance by the U.S. Federal Trade Commission (the "FTC"), as well as other customary closing conditions. Zimmer continues to work closely with the FTC and expects to receive clearance for the proposed transaction from the FTC by the end of April or shortly thereafter.
Under the terms of the Merger Agreement, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including assumption of net debt.
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer's 2014 sales were approximately $4.7 billion. Zimmer is supported by the efforts of more than 9,000 employees worldwide.
Source: Zimmer Holdings Inc.