Kinetic Said to Get Bid From ConvaTec Exceeding Apax’s Offer

Kinetic Concepts Inc., the wound-care company that agreed last month to a $5 billion leveraged buyout, received a higher takeover offer from competitor ConvaTec Inc., said two people familiar with the offer.

ConvaTec, owned by private-equity firms Nordic Capital and Avista Capital Partners LLC, has letters supporting the bid from Goldman Sachs Group Inc. and Jefferies Group Inc., said the people, who asked not to be identified because details aren’t public. The letters say the banks are “highly confident” financing for the transaction is available, the people said.