Shareholders of Biomet, Inc have approved a merger agreement with LVB Acquisition, Inc and LVB Acquisition Merger Sub, Inc.
Shareholders of Biomet, Inc have approved a merger agreement with LVB Acquisition, Inc and LVB Acquisition Merger Sub, Inc. Based upon the preliminary tally of shares voted, 91.56% of the total shares outstanding voted in favor of the move.
LVB Acquisition, Inc and LVB Acquisition Merger Sub, Inc are indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group, Goldman, Sachs & Co, Kohlberg Kravis Roberts & Co.and TPG.
Subject to satisfaction of the closing conditions in the merger agreement, Biomet expects the transaction to be completed by the end of September. LVB Acquisition Merger Sub, Inc.will merge with and into Biomet, with Biomet becoming a wholly-owned subsidiary of LVB Acquisition, Inc.
Under the terms of the agreement, Biomet shareholders (other than LVB Acquisition Merger Sub, Inc) will receive USD46.00 in cash, without interest and less any required withholding taxes, for each outstanding Biomet common share.
