Deals
Zimmer Biomet to Buy LDR for $1 Billion, Adds Spine Devices
- Acquisition would make Zimmer No. 5 in spine market: analyst
- Transaction expected to close in third quarter of 2016
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Zimmer Biomet Holdings Inc. agreed to buy LDR Holding Corp. for about $1 billion in cash to add surgical technologies for the treatment of patients with spine disorders.
The $37-a-share offer has been approved by both boards, the companies said in a statement Tuesday. That represents a 64 percent premium to LDR’s Monday closing price of $22.58. LDR’s shares have lost 49 percent in the last 12 months.