Zimmer-Biomet Merger Information ‘Incomplete’
On June 11, the European Commission declared the initial notification submitted for the Zimmer and Biomet merger incomplete. According to a press release, Zimmer is working with the commission to provide additional requested information.
At stake is the $13.35 billion merger of Biomet with Zimmer. Zimmer is expected to file an updated notification with the commission in the near term and continues to expect the transaction to be cleared for the merger in the first quarter of 2015.
With the findings of insufficient information, the commission threw out the July 9 decision deadline and said it will set a new deadline after it receives Zimmer’s necessary information.
If the marriage of the two Warsaw-based orthopedic companies is consummated, the deal would create the world’s second-largest orthopedics player, behind only Johnson & Johnson (NYSE:JNJ) and its DePuy Synthes business.