TPG Capital has amended its merger agreement with US-based orthopedic implant devices maker Exactech.
In October, TPG Capital agreed to acquire Exactech for around $625m, while now it increased the amount to $737m through amendment to the merger agreement.
Earlier, TPG had agreed to purchase Exactech common stock by paying $42.00 per share, and now it has agreed to acquire the common stock by paying $49.25 per share in cash, representing an increase of up to 17.3% over the previous offer.
The board members of Exactech have approved the amended merger agreement with TPG, and recommended Exactech’s shareholders to approve the merger deal.
Subject to customary closing conditions, the deal is expected to complete in the first quarter of 2018.
Based in Gainesville of Florida, Exactech is involved in the development and production of orthopedic implant devices and surgical instrumentation for extremities and large joints.
The firm offers its orthopedic implant devices and related surgical instruments, as well as biologic materials and services to hospitals and physicians.
Its orthopedic products will be used to restore bones and joints that are degenerated due to diseases such as arthritis.
With around 700 employees, the company distributes its products in around 35 countries across the globe.
At the time of acquisition, Exactech CEO David Petty said: “This agreement provides maximum value for our shareholders, who have shared our vision and supported our growth over the past two decades.”
Image: TPG's San Francisco offices at 345 California Street. Photo: courtesy of Daniel Schwen.