The outside date for completing the proposed Zimmer-Biomet merger has been extended from 24 April to 23 July, 2015.
The terms of the merger agreement allowed either party to extend the outside date for an additional 90 calendar days if necessary regulatory clearances under the applicable antitrust laws of certain jurisdictions, including the expiration or termination of the applicable waiting period, have not been obtained.
As previously announced, the European Commission has conditionally cleared Zimmer’s proposed acquisition of Biomet. The Japan Fair Trade Commission has also granted clearance of the pending transaction, which still remains subject to clearance by the US Federal Trade Commission (FTC), as well as other customary closing conditions. Zimmer expects to receive clearance for the proposed transaction from the FTC by the end of April or “shortly thereafter”.
Zimmer will acquire Biomet in a cash and stock transaction valued at approximately US$13.35bn, including assumption of net debt.