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’The bid story that won’t go away
More on those Smith & Nephew bid rumours, this time from Merrill Lynch, whose investment bankers have reportedly been trying to put the medical devices group together with a heavily indebted US rival.
One for the M&A watch list [updated with added confusion]
Here we go again…
Friday’s Daily Telegraph:
US orthopaedics giant Biomet is set to begin informal talks with Smith & Nephew (S&N) about a potential £15bn merger….
However, because of the levels of debt attached to Biomet – $5.9bn – a cash acquisition would not be possible,
Snap news
Breaking pre-market news on Friday,
- Biomet and Smith & Nephew set for talks over £15bn merger – report.
- Fresnillo expects silver production to rise 5 per cent in 2011 — statement.
- F&C Asset Management announces cost cutting plan — statement.
Debt drying up – what next?
“The forward calendar of institutional term loans driven by jumbo LBOs stands at a new record high of $215bn,” says S&P Leveraged Commentary & Data in their latest report, neatly summing up the scale of the problem facing the banks who have signed up to underwrite this monster pipeline of financing.
Biomet investors force higher buy-out offer
A consortium including four of the largest US private equity groups on Thursday bowed to pressure from investors in Biomet and agreed to raise their offer for the Indiana-based maker of orthopaedic devices by 4.5 per cent to $11.4bn.
Markets live transcript 21 Dec 2006
Markets live chat transcript for the chat ending at 11:38 on 21 Dec 2006. Participants in this chat were: Helen Thomas (HT) Neil Hume (NH)
HT: Good morning – welcome to markets live – our daily look at what’s happening around the markets.
Could Biomet’s PE buyers return for S&N?
The private equity consortium that outbid Smith & Nephew in the $10.9bn buyout of Biomet could return to snap up the UK orthopedics maker, reports the Business.
The group – made up of Blackstone, Goldman Sachs,
S&N vulnerable to takeover after losing out on Biomet
Smith & Nephew is now seen as vulnerable to a takeover after losing out to a consortium of private equity groups in the acquisition of Biomet, the US orthopaedic devices manufacturer, for $10.9bn. This is the second time that S&N has failed to secure a large deal.
$100bn in deals sends US equities to fresh highs
It’s just another merger Monday. More than $100bn in deals helped the S&P to a six-year high and the DJIA to another intra-day record of 12,487.9.
Express Scripts, the pharmacy benefits manager, said it had tabled an offer to buy Caremark for $26bn,
S&N says talks are off – as PE group wins Biomet
The market got the confirmation it was looking for on Monday afternoon with an announcement from Smith & Nephew that its talks with US medical devices maker Biomet were off.
“As announced on 2nd November 2006,
Markets live transcript 18 Dec 2006
Markets live chat transcript for the chat ending at 11:50 on 18 Dec 2006. Participants in this chat were: System Administrator (RS) Helen Thomas (HT) Neil Hume (NH)
RS: Sorry for the delay – we appear to be having a technical problem this morning – please bear with us.
Buyout shops could bag Biomet
Private equity firms are in pole position to buy orthopedics maker Biomet, reports the Wall Street Journal.
The battle for the company, which has been in play since October, is in its final days, with UK medical devices company Smith & Nephew also a contender to win Biomet.