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.