Zimmer Provides Update on the European Commission Review Process Relating to the Pending Merger with Biomet, Inc. (press release)
WARSAW, Ind., Dec. 4, 2014 /PRNewswire/ -- Zimmer Holdings, Inc. (NYSE and SIX: ZMH) ("Zimmer") announced today that it has proposed a remedy package to the European Commission (the "EC") to facilitate the EC's approval of Zimmer's proposed acquisition of Biomet (BMET).
Zimmer has been working closely with the EC to develop a mutually-acceptable solution to address the discrete concerns identified by the EC in its preliminary assessment of the proposed acquisition of Biomet. The remedy package proposed by Zimmer includes the divestiture of one unicompartmental knee brand and one elbow brand in the European Economic Area ("EEA") and one total knee brand in two EEA countries. The EC will market-test the proposed remedy package in the coming days. In parallel, the EC has "stopped the clock" on its review of the proposed merger.
Zimmer continues to be encouraged by the substantial progress that has been made to date in connection with the overall regulatory process and expects to close the transaction in the first quarter of 2015.
The transaction a...
