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.

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