TPG in October offered $42 per share for the Gainesville, Fla.-based company, for a valuation of about $625 million. Today Exactech said TPG raised the bid 17.3% to $49.25 per share, which would put the value of the deal at about $733 million.
The deal includes provisions that would see founders Dr. Bill Petty, Betty Petty and CEO David Petty exchange their collective 18.8% stake for shares in the private version of Exactech at the same $49.25 rate, the company said.
TPG raised its equity financing for the deal to $737 million, Exactech said, noting that the U.S. Federal Trade Commission terminated the waiting period ahead of schedule, leaving no further anti-trust hurdles. The buyout is expected to close during the first quarter next year. After that Exactech will be privately held and no longer list on the NASDAQ exchange.
In June, Exactech said it launched its ExactechGPS TKA Plus software application designed to provide surgeons with real-time intraoperative computer guidance during total knee arthroplasty procedures.