6/7/2016, 2:41 PM (Source: TeleTrader)
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Zimmer Biomet to buy LDR for $1 billion

Zimmer Biomet Holdings said on Tuesday it will acquire LDR Holding Corp. by making a tender offer of $37 per share in cash which values the transaction around $1 billion, according to the company’s press release.

The purchase of the producer of medical devices for spinal procedures is expected to improve Zimmer Biomet’s innovation and growth in the $10 billion worth spine market. The deal is expected to close in the third quarter.

Zimmer Biomet is headquartered in Warsaw, Indiana, and it is a part of a medical devices business cluster. LDR was founded in 2000 in France and has two headquarters in the United States and in France.

Zimmer’s shares are listed on the S&P 500 and closed 0.23% down yesterday, while LDR rose 2.45%.

Breaking the News / DN