Biomet offered to pay $280 million in cash. The binding offer was made to permit DePuy Orthopaedics to comply with its consultation obligations with European work councils prior to negotiating a mutually binding purchase agreement. The offer expires June 1, 2012, but can be extended under certain circumstances.
DePuy hasn’t accepted the offer but is expected to sell its trauma business before its parent company, Johnson & Johnson, completes the $21.3 billion acquisition of Synthes, according to a Journal Gazette report.
According to Biomet President and CEO Jeffrey R. Binder, the acquisition would strengthen Biomet’s presence in the global trauma market as well as expand the sports and extremities businesses.
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