July 2, 2014 by Brad Perriello
The U.S. Federal Trade Commission wants more information from Zimmer Holdings and Biomet on their proposed, $13 billion merger.
The U.S. Federal Trade Commission wants more information on the pending, $13.35 billion merger between Zimmer (NYSE:ZMH) and Biomet, the companies said today.
It’s the latest hurdle from anti-trust regulators for the blockbuster merger that would unite 2 of the largest players in the orthopedics space.
Last month the European Commission tabled its review of the combination, saying Zimmer’s submission for a June 3 review was insufficient. Now that the FTC has issued its 2nd request, the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act will be extended by 30 days after the companies compl, according to a press release.
“Zimmer and Biomet will continue to work closely with the FTC as it conducts its review of the proposed transaction,” according to the release. “Zimmer and Biomet expect to close the transaction in the first quarter of 2015.”
News of the $13.35 billion merger of the orthopedics giants, both based in Warsaw, Ind., shook the medical device worldwhen it broke last April. If consummated, the deal would create the world’s 2nd-largest ortho player, behind Johnson & Johnson (NYSE:JNJ) and its DePuy Synthes ortho business.
ZMH shares were up 0.1% to $104.99 apiece as of about 10:50 a.m. today.
