Apax Partners may have a rival for its sweetheart, Kinetic Concepts Inc. (NYSE:KCI), after news broke that KCI rival ConvaTec Inc. trumped the private equity player’s $6.3 billion bid for the wound care giant.
The news sent KCI shares up more than 2 percent overnight, after a Bloomberg report yesterday that ConvaTec, owned by PE firms Nordic Capital and Avista Capital Partners LLC, topped Apax’s $68.50-per-share offer.