Equity group completes tender offer for Biomet

By Lisa Kerner

Charlotte, N.C., July 12 - LVB Acquisition, LLC and LVB Acquisition Merger Sub, Inc. said a total of 203,573,642 Biomet, Inc. shares were validly tendered and not withdrawn in their tender offer ended on July 11. The number represents 82.85% of Biomet's outstanding shares, more than the 75% required in the deal, according to a company news release.

As previously reported, LVB Acquisition began a $46-per-share tender offer for Biomet shares on June 13 in a two-step merger with an equity value of $11.4 billion.

Under the merger agreement, LVB Acquisition Merger Sub will be merged with and into Biomet and the company will become a wholly owned subsidiary of LVB Acquisition.

LVB Acquisition and LVB Acquisition Merger Sub are affiliates of the Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.

Biomet originally entered into an agreement with the private equity group on Dec. 18 to be acquired for $44 per share in cash without interest. At that time, the $10.9 billion transaction was slated to close by Oct. 31, 2007.

Warsaw, Ind.-based Biomet designs and manufactures musculoskeletal medical products.

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