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Zimmer extends deadline for $13B Biomet deal

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Zimmer extends deadline for $13B Biomet deal

Zimmer (NYSE:ZMH) said today that it’s extending the "outside date" for its merger with crosstown rival Biomet by 3 months as it waits for the U.S. Federal Trade Commission to approve the $13.34 billion deal.

Zimmer said it’s pushing the deadline for the deal back from April 24 to July 23, citing a provision in the agreement with Biomet allowing a 90-day extension if anti-trust clearances aren’t in hand.

"Zimmer continues to work closely with the FTC and expects to receive clearance for the proposed transaction from the FTC by the end of April or shortly thereafter," the Warsaw, Ind.-based company said.

The U.S. approval is the final anti-trust hurdle for Zimmer and Biomet. Regulators in Europe approved the deal late last month, contingent on the the divestiture of 1 brand for partial, or unicompartmental, knee replacements and 1 elbow brand in Europe, as well as a knee replacement brand in 2 European countries.

Japan’s Fair Trade Commission cleared the merger March 25.

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