Wright Medical (NSDQ:WMGI) said its Dutch rival and soon-to-be merger partner Tornier (NSDQ:TRNX) effectively extended a mandated waiting period until nearly the end of the month.
Wright said Tornier voluntarily withdrew and then re-filed its Hart-Scott-Rodino filing with the Federal Trade Commission.
"The withdrawal and refiling of the form provides the Federal Trade Commission with additional time to review the proposed transaction in the initial phase," Wright said in a Sec. 30 regulatory filing.
The waiting period under U.S. anti-trust laws is now slated to end Jan 28, Wright said.
The companies announced the stock-for-stock “merger of equals" back in October 2013. The deal is structured so that each WMGI share will be exchanged for 1.0309 TRNX shares, leaving Wright shareholders with about 52% ownership of the combined company. Memphis-based Wright pegged the deal’s value at about $3.3 billion, saying it represents a 28% premium on Tornier’s Oct. 24 closing price.
Wright Medical Group N.V. will be led by Wright president & CEO Robert Palmisano, who will have the same role at the combined company. Tornier president & CEO David Mowry will become executive vice president & COO, the companies said at the time.
