February 10, 2015 by Brad Perriello
Zimmer revises its $13 billion bid for crosstown rival Biomet in a further effort to mollify European anti-trust regulators, saying it thinks the deal is still on track to close during the 1st quarter.
Zimmer (NYSE:ZMH) today said it further revised the terms of its $13.35 billion bid for Biomet in an effort to satisfy anti-trust regulators on the European Commission.
It’s the 2nd attempt by the Warsaw, Ind.-based rivals to mollify the EU about the deal, announced last April, a union that would bring together 2 of the biggest names in orthopedics.
Zimmer said the latest proposal is substantially the same as the offer it made last December to sell off parts of its European business. The assets that would be divested include a unicompartmental knee brand and an elbow brand in the European Economic Area and a total knee brand in 2 EEA countries, the company said at the time.
Although the EuroZone commission has until May 26 to make its call, Zimmer said it’s still confident in a 1st-quarter closing.
