Bloomberg reports that ZimVie (Nasdaq:ZIMV) is considering strategic alternatives, including a potential sale of the company.
The news outlet said people with knowledge of the matter, saying the company has received new takeover approaches. According to the report, ZimVie is working with an adviser to explore alternatives after potential buyers registered their interest.
Bloomberg says potential suitors include “buyout firms” and industry players. The outlet’s sources requested to remain anonymous after sharing the information they labeled confidential.
ZimVie representatives told MassDevice that the company declined to comment as it’s not company policy to comment on market rumors or speculation.
When the reports first surfaced on Tuesday, June 25, ZimVie’s share prices grew around 20% to more than $18 apiece. They remained on the rise today, June 26, ticking up 1.7% to $18.46 apiece in midday trading. According to Bloomberg, the share price uptick gave ZimVie a market value just shy of $500 million.
News of the potential strategic shake-up comes just over two years after the company spun out of orthopedic giant Zimmer Biomet as a combination of its spine and dental units.
After some ups and downs within ZimVie’s spine business in the early stages, leadership looked to cut it down, even exiting markets like China last year.
In December 2023, ZimVie agreed to sell the spine business off entirely, establishing itself as a pure-play dental company. The company completed the deal with H.I.G. Capital, which featured $375 million in total consideration, with $315 million in cash upfront and a $60 million promissory note, in April.
