Zimmer, European Commission extend review deadline for Biomet acquisition

Zimmer Holdings announced that it has agreed with the European Commission (EC) to extend the deadline for the EC's review of Zimmer's proposed acquisition of Biomet by a limited number of days to provide the EC with certain additional information.

Deadline extensions are not uncommon in such in-depth investigations, and Zimmer said it still expects to "close the transaction" in the first quarter of 2015.

Zimmer announced in April that it would acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.

The EC's previous deadline of March 11, 2015, will be extended by a "limited amount of additional time." The company noted that this transaction also remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the Japan Fair Trade Commission, as well as other customary closing conditions.

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