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ZBH - Wright Medical Gets Its Long-Awaited Bid From A Somewhat Surprising Buyer
Zimmer Biomet Holdings Inc.
Investors have long assumed that Wright Medical (WMGI) was a “when, not if” buyout target in the med-tech space. Indeed, any time I’ve written anything even remotely critical of the company over the years, there’s been at least one comment of, “it doesn’t matter … (CEO) Bob Palmisano” is just going to sell the company anyway.” These expectations came to fruition on Monday with the $30.75/share, $5.4 billion bid for the company from ortho giant Stryker (SYK).
I’ll admit I’m a little surprised that Stryker stepped up for this