Hints and tips:
...In an adjacent field, there was consolidation this week in orthopedic implants, with the third-largest competitor in the field, Zimmer, bought the fifth largest, Biomet....
...A lot of mergers and acquisitions go wrong – but few quite so spectacularly as Smith & Nephew’s SFr1.1bn (£531m) purchase of Switzerland’s Plus Orthopedics....
...Last December S&N tried to acquire US rival Biomet, but was outbid by a private equity consortium which included included Blackstone, Goldman Sachs, KKR and Texas Pacific, along with one of Biomet’s founders...
...Last year, S&N was frustrated in its bid to buy Biomet, a US rival, by a group of private equity companies. Since then, it has been seen as a possible future bid target....
...The deal comes three months after S&N failed to complete a transformational deal with its US rival Biomet which left it vulnerable to a takeover by larger rivals – Johnson & Johnson, Stryker and Zimmer....
...Private equity firms are in pole position to buy orthopedics maker Biomet, reports the Wall Street Journal....
...Smith & Nephew, the UK medical device maker which has looked vulnerable to a bid since failing to buy Biomet last year, has agreed to buy Plus Orthopedics Holding, a privately-owned Swiss group, for SFr1.09bn...
...The private equity consortium that outbid Smith & Nephew in the $10.9bn buyout of Biomet could return to snap up the UK orthopedics maker, reports the Business....
...Merrill Lynch said in a research note before the announcement that being outbid by the private equity firms for Biomet would be positive news for the UK orthopedics company, but added: “In our view, this...
...Based in Warsaw, Indiana, Biomet is best known for its orthopedic products, such as joint replacements and spinal products....
...We’ve got you a splendid new acquisition – Plus Orthopedics. It’s Swiss – beautifully engineered, as you’d expect from the clock people....
...Smith & Nephew has confirmed Salamander Davoudi’s scoop that the company is in talks to merge with Biomet of the US....
...Express Scripts, the pharmacy benefits manager, said it had tabled an offer to buy Caremark for $26bn, after Realogy accepted a $9bn private equity bid and orthopedics company Biomet went to a private equity...
...Finally, the chief executive of Smith & Nephew, Christopher O’Donnell, is retiring, having failed to buy Biomet last year but bought a good Swiss business instead....
...Biomet fell 1 per cent to $41.59 after the maker of hip and knee replacement parts accepted a $10.9bn private buy-out offer....
...Investors were watching whether Smith & Nephew, of the UK, would make a bid for US rival BioMet for up to $12bn. Shares in BioMet rose 4.1 per cent to $41.54....
...Elsewhere, orthopedics group Smith & Nephew improved 0.7 per cent to 510¾p excited by rumours that JP Morgan’s private equity arm has made a $10.5bn bid for US rival Biomet....
...Smith & Nephew faded 2.6 per cent to 414½p, unsettled by news that two of its US peers, Biomet and Zimmer, had been subpoenaed over potential violations of antitrust law relating to sales of orthopedic implant...
International Edition