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This article was originally published in The Gray Sheet

Executive Summary

Signs definitive agreement July 16 to merge with a Biomet subsidiary, apparently ending Biomet's bidding war with Maxxim Medical -- and earlier with Orthomet -- for the orthopedic device company. Under the deal, Kirschner accepted the Warsaw, Indiana firm's July 15 offer to buy all outstanding Kirschner common shares for $10.75 per share in cash or an equivalent value in Biomet common ("The Gray Sheet" July 18, p. 9). Biomet will decide whether to use all cash or all stock in the transaction. If stock is used, not less than 9 shares of Biomet stock will be exchanged for each share of Kirschner stock. Maxxim, in its most recent offer (on July 14), would have paid either $10.85 in cash for each Kirschner share or seven shares of Maxxim stock for ten shares of Kirschner. At Maxxim's July 15 closing price of $15-3/8, a stock transaction would have valued Kirschner shares at $10.76

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