Texas firm raises offer for Kirschner Medical

July 15, 1994|By Bloomberg Business News

SUGAR LAND, Texas -- Maxxim Medical Inc. raised its offer for Kirschner Medical Corp. yesterday to about $37 million in cash or stock.

Maxxim said it would pay $10.85 a share or issue seven shares of its common stock for every 10 shares in Timonium-based Kirschner. Wednesday, it had offered $10.50 a share or two of its shares for every three Kirschner shares, for a total of $36 million.

Maxxim also moved up the deadline for a definitive merger agreement to July 27 from Aug. 1.

Kirschner's stock closed up 37.5 cents, at $10.25, while Maxxim's stock was unchanged, at $15. Biomet Inc., whose offer was topped by Maxxim Wednesday, rose 12.5 cents, to $9.75.

Kirschner makes hip, knee and shoulder joint replacement products. While a major provider of shoulder joints, it is a relatively small player in the fast-growing $5 billion worldwide market for orthopedic implants.

On May 25, Kirschner signed a letter of intent to merge with Orthomet Inc. of Minneapolis, which makes orthopedic products.

Biomet, a Warsaw, Ind., maker of orthopedic implants and support devices, started a bidding war June 27. Its offer of 1.05 shares for every Kirschner share, worth about $34.7 million, was accepted by Kirschner's board Monday.

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