FTC Requests Information on Zimmer/Biomet Deal
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe proposed merger of two Warsaw orthopedics companies has hit another hurdle. The Federal Trade Commission has requested additional information about the $13 billion Zimmer Holdings Inc. (NYSE: ZMH) – Biomet Inc. deal. The European Commission made a similar request last month. The companies still expect to close the transaction next year.
July 2, 2014
News Release
Warsaw, Ind. — Zimmer Holdings, Inc. (NYSE and SIX: ZMH) (“Zimmer” or the “Company”) and Biomet, Inc. (“Biomet”) today announced that they have each received a request for additional information (“second request”) from the United States Federal Trade Commission (“FTC”) in connection with Zimmer's previously announced proposed acquisition of Biomet. The second request was issued under the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Zimmer and Biomet have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
Zimmer and Biomet will continue to work closely with the FTC as it conducts its review of the proposed transaction. The proposed transaction remains subject to the expiration or termination of the waiting period under the HSR Act, antitrust clearance in certain foreign jurisdictions as well as other customary closing conditions. Zimmer and Biomet expect to close the transaction in the first quarter of 2015.
About Zimmer Holdings, Inc.
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 2013 sales were approximately $4.6 billion. Zimmer is supported by the efforts of more than 9,000 employees worldwide.
About Biomet
Biomet, Inc. and its subsidiaries design, manufacture and market surgical and non-surgical products used primarily by orthopedic surgeons and other musculoskeletal medical specialists. Biomet's product portfolio includes hip and knee reconstructive products; sports medicine, extremities and trauma products; spine, bone healing and microfixation products; dental reconstructive products; and cement, biologics and other products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries.
Sources: Zimmer Holdings Inc., Biomet Inc.