Medical technology company Convatec has bid more than $6.3 billion for medical device company Kinetic Concepts Inc., Reuters reported, citing the Swedish daily Dagens Industri. Apax Partners announced a $5 billion offer for Kinetic last month. When including debt, that debt was worth about $6.3 billion, Reuters said. Convatec jumped into the race during the so called “go-shop period.” Convatec is backed by private equity firms Nordic Capital and Avista Capital Partners.
(Reuters) – A rival bid for Kinetic Concepts Inc., a U.S. maker of medical devices used in wound care, by medical technology firm Convatec is worth more than 40 billion crowns ($6.3 bln), Swedish daily Dagens Industri reported on Tuesday, citing sources.
Apax Partners LLP announced a $5 billion offer for Kinetic last month. Including debt, the offer was worth $6.3 billion. Under a so-called go-shop period, Kinetic had 40 days to seek higher offers.
Bloomberg also reported on Sunday that Convatec, which is owned by private equity firms Nordic capital and Avista Capital Partners LLC, had made a bid that exceeded Apax’s offer.
Nordic Capital was not immediately available for comment. ($1 = 6.355 Swedish Kronas) (Reporting By Anna Ringstrom; Editing by Hans-Juergen Peters and Erica Billingham)