Kinetic Concepts Inc (KCI.N), a maker of medical devices used in wound care, got a rival takever big from Avista Capital Partners LLC's ConvaTec Inc that exceeds the existing $5 billion bid from Apax Partners LLP, according to Bloomberg. Avista's ConvaTec has letters from Goldman Sachs Group Inc and Jeffries Group Inc that say financing for the transaction is available, the report said. 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. Kinetic Concepts, Avista and Apaz were not immediately available for comment.
Kinetic Concepts, Inc. (KCI) is a global medical technology company, which is engaged in the discovery, development, manufacture and marketing of therapies and products. Shares of KCI fell by 0.89% or $-0.59/share to $65.37. In the past year, the shares have traded as low as $31.84 and as high as $68.80. On average, 2203600 shares of KCI exchange hands on a given day and today's volume is recorded at 1460778.
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