GROUP ACQUIRES BIOMET FOR $10.9 BILLION

Artificial joint maker Biomet has agreed to a $10.9 billion takeover offer by private equity firms.

The firm has entered into a definitive merger agreement to be acquired by a consortium that includes affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and TPG, Biomet said Dec. 18. The deal is reportedly slated to close on or before Oct. 31, 2007.

Under the terms of the merger agreement, Biomet shareholders will receive $44 per common share, representing a 27 percent premium over its closing price April 3, the firm said.