Mergers & Acquisitions In Brief

Biomet update: The private equity group attempting to buy Biomet has increased its bid from $44 per share to $46 per share, or $10.9 billion to $11.4 billion, and has commenced a tender offer to acquire all outstanding shares. The tender offer, announced June 7 and set to begin on or before June 14, prevents the shareholder vote on the deal that had been scheduled for June 8. According to Biomet, if 75%-90% of share holders accept the tender offer within 20 business days, the deal will go to a shareholder vote. If over 90% of shareholders accept the offer, the deal will go through without a vote. The Institutional Shareholder Services released a report May 29 advising shareholders not to accept the $44 per share offer because it represented a "takeover premium" too low to justify giving up control of the company (1"The Gray Sheet" June 4, 2007, p. 4)...