Zimmer gets Japanese clearance for Biomet deal
Zimmer Holdings (Warsaw, Indiana) said the Japan Fair Trade Commission has granted clearance of Zimmer's proposed acquisition of Biomet (also Warsaw), thereby satisfying one of the conditions necessary for the consummation of the transaction.
The transaction remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the European Union Merger Regulation, as well as other customary closing conditions.
Zimmer noted that it is pleased with and encouraged by the progress to date with the overall regulatory process and expects to close the transaction in April 2015.
Under the terms of the merger agreement announced on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
Zimmer makes orthopedic reconstructive, spinal and trauma devices, dental implants and related surgical products.
Orthofix International requests Nasdaq extension
Orthofix International (Lewisville, Texas) requested an extension from a Nasdaq Hearings Panel to permit additional time for the company to complete and file its two delayed quarterly reports, as well as the amended reports containing its restatement for prior periods. On Jan. 15, 2015, the company received notice from Nasdaq's Office of General Counsel that the Hearings Panel granted the Company continued listing through March 31, 2015, conditioned upon the company being current in its filing obligations with the SEC.
On March 18, 2015, the company received an anticipated letter from Nasdaq noting that the 2014 Annual Report on Form 10-K had not been filed by its due date with the SEC on March 16, 2015 and, as such, represented an additional basis for non-compliance with Listing Rule 5250(c)(1).
The company continues to work to complete the procedures needed to file its two delayed quarterly reports and the amended reports containing its restatement for prior periods, as well as its 2014 Annual Report on Form 10-K. As requested by the letter from Nasdaq, the company will be providing a written update to the Hearings Panel regarding these matters on or before March 25, 2015.
Orthofix International is a medical device company focused on improving patients' lives by providing superior reconstructive and regenerative orthopedic and spine solutions to physicians.