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Exhibit
99.1
PRIVATE EQUITY CONSORTIUM
SUCCESSFULLY COMPLETES TENDER OFFER FOR SHARES OF
BIOMET
NEW YORK, NY,
July 12, 2007 – LVB Acquisition, LLC and LVB
Acquisition Merger Sub, Inc. announced today the successful
completion of the tender offer for all outstanding common shares of
Biomet, Inc. (NASDAQ: BMET). LVB Acquisition, LLC and LVB
Acquisition Merger Sub, Inc. are indirectly owned by investment
partnerships directly or indirectly advised or managed by The
Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis
Roberts & Co. and TPG. The tender offer expired, as
scheduled, at 12:00 midnight, New York City time, on Wednesday,
July 11, 2007.
The depositary for the offer
has advised that, as of the expiration of the offer, a total of
approximately 203,573,642 Biomet shares were validly tendered and
not withdrawn in the offer (including shares tendered by notices of
guaranteed delivery), representing approximately 82.85% of
Biomet’s outstanding shares. LVB Acquisition Merger Sub, Inc.
has accepted for payment all Biomet shares that were validly
tendered in the offer.
Pursuant to the terms of the
previously announced merger agreement, LVB Acquisition, LLC and LVB
Acquisition Merger Sub, Inc. expect to effect a merger of LVB
Acquisition Merger Sub, Inc. with and into Biomet. In the merger,
LVB Acquisition, LLC and LVB Acquisition Merger Sub, Inc. will
acquire all other Biomet shares at the same $46.00 per share price,
without interest and less any required withholding taxes, that was
paid in the tender offer. As a result of the merger, Biomet will
become a wholly-owned subsidiary of LVB Acquisition, LLC. LVB
Acquisition, LLC and LVB Acquisition Merger Sub, Inc. intend to
complete the merger as soon as practicable following the
satisfaction of the conditions in their merger agreement with
Biomet.
* * *
About Biomet
Biomet, Inc. and its subsidiaries
design, manufacture, and market products used primarily by
musculoskeletal medical specialists in both surgical and
non-surgical therapy. Biomet’s product portfolio encompasses
reconstructive products, including orthopedic joint replacement
devices, bone cements and accessories, autologous therapies and
dental reconstructive implants; fixation products, including
electrical bone growth stimulators, internal and external
orthopedic fixation devices, craniomaxillofacial implants and bone
substitute materials; spinal products, including spinal stimulation
devices, spinal hardware and orthobiologics; and other products,
such as arthroscopy products and softgoods and bracing products.
Headquartered in Warsaw, Indiana, Biomet and its subsidiaries
currently distribute products in more than 100
countries.
About The Blackstone
Group
The Blackstone Group is a leading global
alternative asset manager and provider of financial advisory
services. The Blackstone Group is one of the largest independent
alternative asset managers in the world. Its alternative asset
management businesses include the management of
corporate private equity funds, real
estate opportunity funds, funds of hedge funds, mezzanine funds,
senior debt funds, proprietary hedge funds and closed-end mutual
funds. The Blackstone Group also provides various financial
advisory services, including mergers and acquisitions advisory,
restructuring and reorganization advisory and fund placement
services. For further information visit:
http://www.blackstone.com.
About Goldman Sachs &
Co.
Founded in 1869, Goldman Sachs is one of
the oldest and largest investment banking firms. Goldman Sachs is
also a global leader in private corporate equity and mezzanine
investing. Established in 1991, the GS Capital Partners Funds are
part of the firm’s Principal Investment Area in the Merchant
Banking Division, which has formed 13 investment vehicles
aggregating $56 billion of capital to date.
About Kohlberg Kravis
Roberts & Co.
Kohlberg Kravis Roberts & Co.
(KKR) is one of the world’s oldest and most experienced
private equity firms specializing in management buyouts. Founded in
1976, it has offices in New York, Menlo P
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