A plan for Abbott Laboratories, Abbott Park, Ill., to sell its in-vitro and point-of-care diagnostics businesses to Fairfield, Conn.-based General Electric Co. for $8.13 billion has been terminated, according to news releases issued by both companies.
The deal, announced Jan. 18, had already received regulatory approval, but it collapsed when the two companies were unable to agree on final terms of the transaction, according to statements from both Abbott and GE.
In a report issued today, Cohen and Co. analysts also noted that GE had received negative feedback from investors on some aspects of the planned purchase. They projected, however, that the failed deal would have little to no effect on Abbotts immediate or current year financial outlook.
Meanwhile, Biomet shareholders accepted a $11.4 billion buyout offer from a private equity consortium attempting to acquire the medical devicemaker, according to an Associated Press report.
The consortium, LVB Acquisition, announced Thursday that nearly 83% of Biomet's shares were tendered. The company needed at least 75% for the deal to go forward. The offer expired midnight Wednesday.
The private equity group includes Biomet founder and former chief executive Dane Miller and affiliates of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. Biomet spokesman Greg Sasso said the deal would close by the end of the calendar year, but he declined to give a more specific time frame. -- by Shawn Rhea