Zimmer Pushes Back “Outside Date” For Biomet Deal

Zimmer has pushed back the “outside date” for its acquisition of Biomet to July 23. The merger plan drafted a year ago originally set a date of April 24 for completion of the $13.35 million deal. The terms of the agreement allowed either party to extend the outside date for an additional 90 days if the needed regulatory clearances had not yet been obtained. The Japan Fair Trade Commission recently granted clearance of the deal, followed by the European Commission’s conditional approval. But the acquisition is still subject to clearance by the U.S. Federal Trade Commission, as well as other customary closing conditions, the announcement states.  Zimmer continues to work closely with the FTC and expects to receive clearance for the proposed transaction by the end of April or shortly after.

(Story By The Times Union)