Kirschner gets new merger offer from first suitor

July 08, 1994|By Bloomberg Business News

MINNEAPOLIS -- Orthomet Inc. renewed its courtship of Timonium-based Kirschner Medical Corp. yesterday, reviving an offer it withdrew one week ago.

"There's now a contract in place with a dotted line for them to sign," said Orthomet Controller Gus Parpas.

Kirschner shareholders would get 1.3 shares of Orthomet common stock and a seven-year warrant for 1.3 shares of Orthomet stock at $10 a share, under a definitive merger agreement. Orthomet first offered those terms June 29.

Yesterday's offer expires at 5 p.m. Monday. Kirschner also is considering an offer from Warsaw, Ind.-based Biomet Inc. to pay $10 or one Biomet share for each Kirschner share. All three make orthopedic implants and other medical devices.

Orthomet's offer was renewed after the stock market closed yesterday. Kirschner closed down 25 cents, at $8.75. Orthomet closed at $6.50, off 37.5 cents. Biomet closed at $10, up 12.5 cents.

On May 25, before Biomet made its offer, Orthomet and Kirschner signed a letter of intent to merge.

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