ConvaTec Tops Apax Bid for Kinetic Concepts

ConvaTec Inc., a company backed by Avista Capital Partners and Nordic Capital, has bid for medical device company Kinetic Concepts, Reuters reported, citing Bloomberg. The bid exceeds the existing $5 billion bid made by a group of investors led by buyout giant Apax Partners, Reuters wrote. Apax announced a $68.50-a-share offer for Kinetic last month. Under a so-called “go-shop” period, Kinetic had 40 days to seek higher offers, Reuters said.

(Reuters) – Kinetic Concepts Inc., a maker of medical devices used in wound care, got a rival takever big from Avista Capital Partners LLC’s ConvaTec Inc that exceeds the existing $5 billion bid from Apax Partners LLP, according to Bloomberg.

Avista’s ConvaTec has letters from Goldman Sachs Group Inc and Jeffries Group Inc that say financing for the transaction is available, the report said.

Apax announced a $68.50-a-share offer for Kinetic last month. Under a so-called go-shop period, Kinetic had 40 days to seek higher offers.

Kinetic Concepts, Avista and Apax were not immediately available for comment. (Reporting by Jessica Hall; Editing by Jan Paschal) (For more M&A news and our DealZone blog, go to here)