WARSAW, Ind. (AP) - A private equity consortium increased its bid for Biomet Inc. by 4.5 percent to $11.4 billion (euro8.44 billion) and the orthopedic products maker is urging its shareholders to approve the new offer, the company said Thursday.
The news comes a week after independent proxy adviser Institutional Shareholder Services recommended that Biomet Inc. shareholders reject a $10.9 billion (euro8.07 billion) purchase offer because the company's value has increased since the deal was announced in December.
The new offer is for $46 a share, up from the previous offer of $44 a share. Biomet shares rose $1.50, or 3.4 percent, to $45.70 in premarket trading.
The buyer consortium, which includes affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG, will make a tender offer on or before June 14 for all Biomet shares.
The consortium said the new offer represents ''the absolute limit'' of its ability to structure a buyout of Biomet.