Biomet shareholders accept $11.4 billion offer from private equity groups dollar offer

Biomet Inc. shareholders accepted a $11.4 billion buyout offer from a private equity consortium attempting to acquire the medical device maker.

The consortium, LVB Acquisition LLC, announced Thursday that nearly 83 percent of Biomet's shares were tendered. The company needed at least 75 percent for the deal to go forward. The offer expired midnight Wednesday.

In June, LVB Acquisition offered $46 a share to buy the Warsaw, Ind.-based company, which closed the day prior at $45.48 per share. Biomet shares traded up 13 cents midday Wednesday to $45.92.

The private equity group includes Biomet founder and former chief executive Dane A. Miller and affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG.

Biomet spokesman Greg Sasso said the deal would close by the end of the calendar year, but he declined to give a more specific time frame.

"Now we're just looking forward to getting the deal closed," he said.

Biomet makes products used mostly by orthopedic surgeons for procedures like hip or knee implants.