Zimmer extended the deadline for the European Commission to review its acquisition of Biomet to provide the commission with additional information.
Zimmer is working closely with regulatory authorities on the review of its transaction and “is encouraged by the substantial progress that has been made to date in connection with the overall regulatory process,” according to a company report.
Here are five things to know about the extension:
1. The deadline will be extended a limited number of days from the previous March 11, 2015 deadline.
2. Deadline extensions are “not uncommon” for in-depth investigations.
3. The transaction is still subject to expiration or termination of the applicable waiting periods.
4. If the transaction goes through, Zimmer has agreed to acquire Biomet in a cash and stock transaction valued at $13.35 billion, including the assumption of net debt.
5. Zimmer still expects the transaction to close in the first quarter of 2015.
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