Biomet Bidders Raise Offer

Biomet Inc. (Nasdaq: BMET) said that it has accepted an increased buyout offer from a private equity consortium made up of The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. The new offer raises the payout from $44 per share to $46 per share, for a revised equity value of $11.4 billion. Institutional Shareholder Services had been advising stockholders to reject the original offer, while the consortium says that its new offer represents “the absolute limit” of upward flexibility. Biomet has postponed its special shareholder meeting originally scheduled for tomorrow, and also said that, per the revised merger agreement, it will not pay its annual dividend. www.biomet.com