Biomet shareholders approve acquisition; deal to close in September

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Biomet, Inc. said 91.56% of the total shares outstanding voted to approve the company's merger agreement with LVB Acquisition, Inc. and LVB Acquisition Merger Sub, Inc. at a special meeting held on Wednesday.

The agreement gives Biomet shareholders (other than LVB Acquisition Merger Sub) $46 cash per share. LVB Acquisition and LVB Acquisition Merger Sub are affiliated with the Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.

The transaction is slated to close by the end of September, according to a company news release.

As previously reported, some 82.85% of Biomet's shares were tendered in LVB's offer ended July 11. The offer began on June 13 as part of a two-step merger with an equity value of $11.4 billion.

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

Biomet originally entered into an agreement with the private equity group on Dec. 18, 2006 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.

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

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