Zimmer Biomet completes tender offer for $37 per LDR outstanding share — 7 takeaways

Spinal Tech

Warsaw, Ind.-based Zimmer Biomet completed its offer to buy all Austin, Texas-based LDR Holding outstanding shares.

Here are seven takeaways:


1. Zimmer Biomet purchased the common stock for $37 per share, net to the seller in cash, without interest.


2. As of July 13, 24,278,729 LDR common stock shares had been "validly tendered and not properly withdrawn."


3. This amount is about 82.7 percent of LDR common stock outstanding shares.


4. Zimmer Biomet will pay the depositary for all "validly tendered shares that have not been properly withdrawn."


5. Zimmer Biomet will acquire LDR for $1 billion, anticipating acquisition completion on July 13.

6. Following acquisition completion, LDR will be an indirect wholly-owned subsidiary of Zimmer Biomet.


7. Adam Johnson, Zimmer Biomet group president of spine, CMF and thoracic and dental, will head the new Spine & CMF category. Christophe Lavigne, LDR chairman, president and CEO, and Patrick Richard, LDR executive vice president and LDR Médical general counsel manager, will remain in key global spine business leadership positions within the company.


"Together with LDR, Zimmer Biomet will be a leader in the $10 billion global spine market and well-positioned in the fast-growing cervical disc replacement segment," said David Dvorak, president and CEO, Zimmer Biomet.


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