Buyers Increase Offer for Biomet

Biomet says a private equity group has raised its bid for the orthopedic company from 10.9 billion dollars to 11.4 billion. The chairman of Biomet’s board of directors says the company believes the new offer of 46 dollars per share is fair and it encourages shareholders to sell their stock to the buyers. Last week, a prominent shareholder advisory service said the initial bid of 44 dollars per share was too low. Also yesterday, Biomet announced that it has regained full compliance with Nasdaq listing requirements and will remain listed on the stock exchange.