Kinetic Concepts Said to Get ConvaTec Bid Topping Apax’s $5 Billion Offer |
| Bloomberg - Aug 22, 2011 |
Kinetic Concepts Inc. (KCI), the wound- care company that agreed last month to a $5 billion leveraged buyout, received a higher takeover offer from competitor ConvaTec Inc., said two people familiar with the offer.
ConvaTec, owned by private-equity firms Nordic Capital and Avista Capital Partners LLC, has letters supporting the bid from Goldman Sachs Group Inc. and Jefferies Group Inc., said the people, who asked not to be identified because details aren’t public. The letters say the banks are “highly confident” financing for the transaction is available, the people said yesterday.
The rival offer is a bet on the resilience of the capital markets, as costs for U.S. leveraged buyouts this month reached the highest level since December. Last month’s $68.50-a-share deal to take Kinetic private was already destined to be the largest leveraged buyout since Lehman Brothers Holdings Inc. collapsed in 2008.
Read Full Article from Bloomberg
- Posted: 2011-08-22 08:29:15
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