Biomet Inc. offer for Kirschner increased again

July 16, 1994|By From Staff Reports

Biomet Inc. of Warsaw, Ind., upped its offer for the second time in a week for Timonium-based Kirschner Medical Corp.

The latest Biomet offer came a day after a late entrant in the bidding, Maxxim Medical Inc., of Sugar Land, Texas, increased its offer for Kirschner.

Biomet now says it is willing to purchase Kirschner's outstanding common stock for $10.75 a share, or to swap an equivalent value of Biomet stock. Maxxim's offer is $10.85 a share cash or seven of its common shares for every 10 Kirschner shares.

On Monday, Kirschner had rejected an offer from its original suitor, Orthomet Inc., of Minneapolis, in favor of the revised bid from Biomet.

Kirschner, which makes hip, knee and shoulder joint replacement products, has about 450 employees, including 80 in Maryland.

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