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By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | July 19, 1994
Kirschner Medical Corp. of Timonium said yesterday that it has signed a definitive agreement to be taken over by Biomet Inc., an Indiana medical equipment company, apparently bringing a two-month takeover battle to a close.Analysts who have followed the four-way battle over Kirschner's future said it was unlikely -- and would probably be unwise -- for rival suitor Maxxim Medical Corp. to raise its bid and try to beat out Biomet for control of slow-growing Kirschner. Early suitor Orthomet Inc. has been out of the picture since July 11, when Kirschner rejected its offer in favor of an earlier Biomet proposal.
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BUSINESS
November 1, 1994
GM stock falls to 17-month lowThe stock of General Motors Corp. fell to its lowest level in 17 months yesterday based on speculation that the automaker would cut up to 60,000 vehicles from its fourth-quarter production plans, analysts said.GM stock fell 87.5 cents, to $39.50, in consolidated trading on the New York Stock Exchange, where it was one of the most active issues, with more than 5.3 million shares changing hands.Hobbled by a string of slow product launches, costly labor strikes and soaring engineering costs, GM's stock has slumped about 21 percent in the past seven weeks.
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BUSINESS
By From Staff Reports | July 16, 1994
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.
BUSINESS
September 30, 1994
Chrysler to boost prices in Calif.Chrysler Corp. plans to boost prices of gasoline-powered cars -- perhaps by $2,000 each -- in California and other states that require high-volume sales of zero-emission vehicles, the company's chairman said yesterday.Because Chrysler's electric minivans, like other electric vehicles, have a limited range and require frequent recharging, Robert Eaton said the company would be forced to sell them at prices less than a typical $18,000 minivan, even though they cost up to $45,000 to produce.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 30, 1994
Kirschner Medical Corp. said yesterday that it has rejected a revised bid from Texas suitor Maxxim Medical Inc. in favor of an already signed agreement to merge with Biomet Inc.Maxxim had offered to acquire the stock of Kirschner, a Timonium orthopedics manufacturer, for $11.50 a share, 51 cents higher than Biomet's offer. Even after taking out a $1 million break-up fee that Biomet would have to be paid in the event of a breakup, the offer would come to $11.22 a share. That compares with $10.75 from Biomet.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 12, 1994
Kirschner Medical Corp., a Timonium-based maker of reconstructive joints and surgical supplies, picked a suitor yesterday, ending two months of on-again, off-again courtship by Midwestern companies.The winner is Biomet Inc., which early yesterday increased its offer to merge Kirschner with one of its wholly owned subsidiaries after a competitor reentered the battle.Facing a new deadline from its original suitor, Kirschner's directors voted yesterday to accept the offer of $35.2 million in stock from Biomet, a Warsaw, Ind., maker of orthopedic medical products.
BUSINESS
By Bloomberg Business News | July 26, 1994
SUGAR LAND, Texas -- Kirschner Medical Corp. rejectedTC higher takeover bid yesterday by Maxxim Medical Inc., saying a previously signed deal remained "in the best interests of Kirschner's shareholders."Maxxim raised its bid yesterday, offering $39.6 million in cash or stock, or $11.50 a share, for Timonium-based Kirschner if a definitive agreement was signed by Aug. 3. Its offer would be adjusted for any fees Kirschner might owe Biomet Inc. under a definitive agreement the two companies signed July 16.Biomet has agreed to pay $10.75 a share or the equivalent in common stock.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 14, 1994
Texas-based Maxxim Medical Inc. made a last-minute offer yesterday for Kirschner Medical Corp., just as the Timonium medical supply company was beginning final preparations for a merger with Biomet Inc.Maxxim, maker of physical therapy products and prepackaged sterile trays for operating rooms, offered about $36 million, topping Warsaw, Ind.-based Biomet Inc.'s bid of $34.8 million.Maxxim's offer involves $10.50 a share in cash, or two shares of its common stock for every three Kirschner shares, a deal valued at $10.13 a share at yesterday's closing prices.
BUSINESS
By Bloomberg Business News | July 8, 1994
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.
BUSINESS
September 16, 1994
Biomet-Kirschner deal revisedBiomet Inc. said the terms of its $37 million merger agreement with Kirschner Medical Corp. have been revised to permit payment in stock and cash. The original agreement, announced in July, was for all cash or all stock. The new agreement allows between 60 percent and 100 percent in cash.Since July, Warsaw, Ind.-based Biomet has paid $8.7 million cash for Figgie International Inc.'s 19.9 percent stake in Timonium-based Kirschner. A Biomet spokesman said an all-stock deal and a pooling of interests was no longer possible as a result.
BUSINESS
September 16, 1994
Biomet-Kirschner deal revisedBiomet Inc. said the terms of its $37 million merger agreement with Kirschner Medical Corp. have been revised to permit payment in stock and cash. The original agreement, announced in July, was for all cash or all stock. The new agreement allows between 60 percent and 100 percent in cash.Since July, Warsaw, Ind.-based Biomet has paid $8.7 million cash for Figgie International Inc.'s 19.9 percent stake in Timonium-based Kirschner. A Biomet spokesman said an all-stock deal and a pooling of interests was no longer possible as a result.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 30, 1994
Kirschner Medical Corp. said yesterday that it has rejected a revised bid from Texas suitor Maxxim Medical Inc. in favor of an already signed agreement to merge with Biomet Inc.Maxxim had offered to acquire the stock of Kirschner, a Timonium orthopedics manufacturer, for $11.50 a share, 51 cents higher than Biomet's offer. Even after taking out a $1 million break-up fee that Biomet would have to be paid in the event of a breakup, the offer would come to $11.22 a share. That compares with $10.75 from Biomet.
BUSINESS
By Bloomberg Business News | July 26, 1994
SUGAR LAND, Texas -- Kirschner Medical Corp. rejectedTC higher takeover bid yesterday by Maxxim Medical Inc., saying a previously signed deal remained "in the best interests of Kirschner's shareholders."Maxxim raised its bid yesterday, offering $39.6 million in cash or stock, or $11.50 a share, for Timonium-based Kirschner if a definitive agreement was signed by Aug. 3. Its offer would be adjusted for any fees Kirschner might owe Biomet Inc. under a definitive agreement the two companies signed July 16.Biomet has agreed to pay $10.75 a share or the equivalent in common stock.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | July 19, 1994
Kirschner Medical Corp. of Timonium said yesterday that it has signed a definitive agreement to be taken over by Biomet Inc., an Indiana medical equipment company, apparently bringing a two-month takeover battle to a close.Analysts who have followed the four-way battle over Kirschner's future said it was unlikely -- and would probably be unwise -- for rival suitor Maxxim Medical Corp. to raise its bid and try to beat out Biomet for control of slow-growing Kirschner. Early suitor Orthomet Inc. has been out of the picture since July 11, when Kirschner rejected its offer in favor of an earlier Biomet proposal.
BUSINESS
By From Staff Reports | July 16, 1994
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.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 14, 1994
Texas-based Maxxim Medical Inc. made a last-minute offer yesterday for Kirschner Medical Corp., just as the Timonium medical supply company was beginning final preparations for a merger with Biomet Inc.Maxxim, maker of physical therapy products and prepackaged sterile trays for operating rooms, offered about $36 million, topping Warsaw, Ind.-based Biomet Inc.'s bid of $34.8 million.Maxxim's offer involves $10.50 a share in cash, or two shares of its common stock for every three Kirschner shares, a deal valued at $10.13 a share at yesterday's closing prices.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | June 28, 1994
An Indiana orthopedics company made an unsolicited, $10-per-share takeover offer yesterday for Kirschner Medical Corp., sending the Timonium-based medical company's stock soaring.Shares of Kirschner rose nearly 40 percent yesterday in heavy trading, to close at $9 a share, up $2.50.The offer by Biomet Inc. of Warsaw, Ind., comes one month after Kirschner, a manufacturer of replacement joints and other orthopedic products, announced that it planned to merge with Orthomet Inc. of Minneapolis.
BUSINESS
September 30, 1994
Chrysler to boost prices in Calif.Chrysler Corp. plans to boost prices of gasoline-powered cars -- perhaps by $2,000 each -- in California and other states that require high-volume sales of zero-emission vehicles, the company's chairman said yesterday.Because Chrysler's electric minivans, like other electric vehicles, have a limited range and require frequent recharging, Robert Eaton said the company would be forced to sell them at prices less than a typical $18,000 minivan, even though they cost up to $45,000 to produce.
BUSINESS
By Patricia Meisol and Patricia Meisol,Sun Staff Writer | July 12, 1994
Kirschner Medical Corp., a Timonium-based maker of reconstructive joints and surgical supplies, picked a suitor yesterday, ending two months of on-again, off-again courtship by Midwestern companies.The winner is Biomet Inc., which early yesterday increased its offer to merge Kirschner with one of its wholly owned subsidiaries after a competitor reentered the battle.Facing a new deadline from its original suitor, Kirschner's directors voted yesterday to accept the offer of $35.2 million in stock from Biomet, a Warsaw, Ind., maker of orthopedic medical products.
BUSINESS
By Bloomberg Business News | July 8, 1994
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.
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