Nasdaq:
BMET
NASDAQ
100
Biomet,
Inc. operates in one business segment, musculoskeletal products, which
includes the design, manufacture and marketing of four major product groups:
reconstructive devices, fixation products, spinal products and other products.
Biomet,
Inc. opere dans un segment d'affaires, produits musculoskeletal, qui inclut
la conception, la fabrication et le marketing de quatre groupes de produit
principaux: dispositifs reconstructive, produits de fixation, produits
spinaux et d'autres produits
http://www.biomet.com/
Jeffrey
R. Binder – Seasoned Orthopedic Medical Device Leader – Named President
and Chief Executive Officer of Biomet, Inc.
WARSAW, Ind.--(BUSINESS
WIRE)--The Biomet, Inc. (NASDAQ:BMET) Board of Directors today announced
the appointment of Jeffrey R. Binder, 43, as President and Chief Executive
Officer and a member of Biomet’s Board, replacing Daniel P. Hann, who has
served as Interim President and Chief Executive Officer. Mr. Hann will
remain as Executive Vice President of Administration and a member of the
Board of Directors. The appointment is effective immediately.
As a 15-year veteran
of the orthopedic medical device industry, most recently in senior management
roles at Abbott Laboratories, Mr. Binder’s broad-based experience includes
general management, marketing and business development roles with some
of the world’s most successful orthopedic medical device companies. He
has a proven record of helping companies to identify new growth opportunities
and the strategies needed to capture this growth.
Biomet,
Inc. to Be Acquired by Private Equity Consortium for $10.9 Billion or $44
Per Share in Cash
WARSAW, Ind.--(BUSINESS
WIRE)--Biomet, Inc. (NASDAQ:BMET) a worldwide leader in the design and
manufacture of musculoskeletal medical products, announced today that it
has entered into a definitive merger agreement to be acquired by a private
equity consortium in a transaction with a total equity value of approximately
$10.9 billion. The consortium includes affiliates of the Blackstone Group,
Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG.
Under the terms of the
merger agreement, Biomet shareholders will receive $44 per common share,
representing a 27% premium over Biomet’s closing price on April 3, 2006,
the trading day prior to public speculation, which was subsequently confirmed
by Biomet on April 6, 2006, that it had retained Morgan Stanley to assist
it in exploring strategic alternatives.
The board of directors
of Biomet has unanimously approved the merger agreement; the merger and
the transactions contemplated thereby, and will also recommend approval
by Biomet’s shareholders.
The transaction will be
financed through a combination of equity contributed by the private equity
consortium and debt financing that has been committed by Bank of America
and Goldman Sachs. There is no financing condition to the obligations of
the private equity consortium to consummate the transaction.
Completion of the transaction
is subject to the affirmative vote of Biomet shareholders, requisite anti-trust
and customary closing conditions. Following the completion of the transaction,
expected on or prior to October 31, 2007 with the exact timing dependent
on a number of factors, the Company’s stock will be de-listed and no longer
trade publicly. The Company’s headquarters will remain in Warsaw, Indiana.
Daniel P. Hann, Interim
President and CEO of Biomet, said, “This transaction offers shareholders
the ability to realize substantial value from their investments in Biomet
and provides important benefits to our customers, team members and other
stakeholders. It is also a strong affirmation of the position we have built
in our markets. As an independent, private company with the strong backing
of private equity partners who recognize our potential for growth and support
our dedication to providing our patients the best in innovative, high quality
medical products, we will be in an even stronger position to deliver on
our commitment to them and their doctors, as well as our team members and
the communities in which we operate.”
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