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Orthofix gains after disclosing revised $24 a share interest from PE firms

  • Orthofix Medical (NASDAQ:OFIX) rose 5.2% after it disclosed a revised unsolicited takeover indication of interest from two private equity firms for $24 a share, up from a previous offer of $23.
  • Orthofix (OFIX) received the revised offer on Friday that indicated the unidentified PE firms would provide equity commitments from the sponsors that would backstop the full purchase price at the time of a definitive agreement, according to an 8-K filing.
  • The offer comes after Orthofix (OFIX) in October agreed to merge with SeaSpine (NASDAQ:SPNE).
  • Orthofix (OFIX) said in the filing on Monday that the SeaSpine merger transaction continues to be in the best interests of Orthofix and its holders.
  • On Thursday a Stifel analyst said he expect the original Orthofix (OFIX) deal with SeaSpine (SPNE) was likely to be completed and that Orthofix's board is unlikely to entertain a bid below $30 a share.