Zimmer Biomet Holdings has successfully completed its offer to purchase all outstanding shares of LDR’s remaining common stock for US$37.00 per share.
David Dvorak, president and chief executive officer of Zimmer Biomet, comments, “We are excited to officially welcome LDR to the Zimmer Biomet family…Importantly, this combination is consistent with our goal of driving meaningful growth across all musculoskeletal markets with innovative products, technologies and services that enhance patient outcomes.”
Zimmer Biomet expects to complete the acquisition of LDR later today through a merger without a vote or meeting of LDR’s stockholders. All remaining shares of LDR common stock not purchased in the tender offer (other than treasury shares held by LDR, any shares owned by Zimmer Biomet, LH Merger Sub, Inc. or any direct or indirect subsidiary of Zimmer Biomet or LDR and any shares held by any LDR stockholder who has properly demanded appraisal rights) will be converted into the right to receive the same per share consideration of $37.00 in cash, without interest, less any deductions or withholding of taxes required by applicable law, that will be paid in the tender offer. Upon completion of the merger, LDR will become an indirect wholly owned subsidiary of Zimmer Biomet.