Demant Bid for HearUSA Excludes Siemens Contract, Demant Says
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William Demant Holding A/S’s bid for most assets and some liabilities of HearUSA Inc. (EAR) excludes the U.S. company’s contract to sell Siemens AG (SIE) hearing aids, Demant Chief Executive Officer Niels Jacobsen said.
Demant’s bid also carves out HearUSA’s dispute with Siemens over the sale of HearUSA’s Canadian assets, Jacobsen said today by phone. Siemens is Demant rival.
Demant yesterday bid at least $80 million for parts of HearUSA, a West Palm Beach, Florida-based hearing aid retailer that has filed for bankruptcy. HearUSA has a 2 percent share of the U.S. market, which would provide Demant with a platform to increase sales of its Bernafon brand, Jacobsen said.
“We, of course, have to focus on getting the company back on a profitable track if we are the successful bidder,” Jacobsen said. “We believe we could make it a good business.”
Jacobsen declined to say whether Demant would raise its bid if other companies make offers.
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