FTC SENDS “SECOND REQUEST” TO ZIMMER/BIOMET (Orthopedics This Week)
Your Dashboard for Zimmer-Biomet
The Federal Trade Commission (FTC) has sent Zimmer Holdings, Inc. and Biomet, Inc. a “Second Request” for additional information in connection with their proposed merger.
According to former FTC attorney Darren Tucker, only about 4% of all deals receive a formal second request for information. Tucker worked on the Johnson & Johnson/Synthes merger while at the agency. This second request follows European regulators pausing their review of the deal until further information is provided by the companies.
Tucker, now at Bingham McCutchen, told OTW on July 2, 2014, that the issuance of a second request is not surprising, given the sizable overlaps between the two companies. “The parties still have good prospects for FTC approval of their transaction without conditions, on account of the three strong rivals that will remain in the hip and knee segments and the sophistication of the customers.”
Second Request
He said the second request gives the FTC an opportunity to obtain additional information from the parties, their customers, and other market participants.
“At the Second Request s...
