Orthomet
This article was originally published in The Gray Sheet
Executive Summary
Reinstates offer to merge with Kirschner, changing the amended proposal it withdrew July 1 to a definitive offer. The basic terms remain the same: each share of Kirschner common stock would be exchanged for 1.3 shares of Orthomet common stock and a seven-year warrant to buy an additional 1.3 shares of Orthomet common at an exercise price of $10 per share ("The Gray Sheet" July 4, p. 7). The offer expires at 5:00 p.m. Eastern Daylight Time on July 11. Kirschner must decide between the Orthomet deal and an offer from Biomet. Under the Biomet proposal, Kirschner shareholders could choose to receive either one Biomet common share (which has been trading for around $10), or $10 in cash, for each of their Kirschner common shares. Kirschner currently has 3,607,740 shares outstanding