Biomet Could be Up for Sale

Warsaw, IN-based Biomet has hired investment banker, Morgan Stanley, to help explore strategic options for the future that could possibly include selling the orthopedic manufacturer, according to published reports. The talk comes after Biomet CEO Dane A. Miller abruptly resigned recently from his post. Miller was one of the founders of the company almost 30 years ago. According to a New York Times article, companies prominently mentioned, as suitors are Minneapolis, MN-based Medtronic and London, UK-based Smith & Nephew. If the company does goes up for bid, analysts are saying that the asking price will be more than $10 billion. Biomet reported profit of $307.6 million on revenues of $1.49 billion in the nine months that ended Feb. 28.