Biomet accepts sweetened offer, two execs retire

June 7, 2007

A group of private equity firms has upped its offer to buy Biomet Inc. after a Maryland shareholder advisory firm urged shareholders to reject the original bid of $10.9 billion.

Biomet said today it accepted the $11.4 billion offer from LVB Acquisition LLC, Goldman Sachs & Co., Kohlberg Kravis Roberts and Texas Pacific Group. The consortium will begin a tender offer by June 14.

Biomet canceled a June 8 special shareholder meeting to vote on the original takeover, which Institutional Shareholder Services said last month was priced too low.

Separately, the Warsaw orthopedic maker announced that two executives have retired. Charles Niemier, senior vice president, will leave June 18 after 27 years with the company. Garry England, chief operating office for domestic operations, retired May 31 after a tenure of 26 years.

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