Biomet/Blackstone Merger Continues to Drag On

The Biomet Inc. (BMET)/Blackstone Group (BX) deal continues to drag on despite the successful tender offer completion on July 13. The companies offer no definitive closing date other than "as soon as practicable following the satisfaction of the conditions..." In other words, the expectation of a rapid close after tender offer conclusion were clearly premature.

At this point, it is nearly impossible to narrow the official closing down to a specific date or time frame as the companies simply refuse to provide any information on this matter.

It has been suggested that Blackstone will be able to expedite this deal through the various reporting and regulatory obstacles, and there is currently no reason to expect the company to allow this transaction to continue on much longer. It will be surprising if the companies are unable to finally complete the transaction before the end of this month, or in early August at the latest.

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