Danish hearing aid maker William Demant Holding (WDH.CO) said on Monday that it had been chosen as "stalking horse" bidder for the assets of bankrupt U.S. hearing aid distributor HearUSA (EAR.A). A stalking horse is a bidder chosen by a bankrupt company from a pool of potential bidders to make the first bid for its assets. "The Asset Purchase Agreement defines a lower limit for the subsequent auction process over HearUSA's business assets at $80 million, which includes $10 million debtor-in-possession financing plus certain assumed liabilities," William Demant Holding A/S said in a statement. Legal proceedings related to the sale are expected to be completed in about eight weeks with closing of the transaction shortly after bankruptcy court approval, it said.
Source
