NEW YORK (
, a wound-care company, received a takeover bid from competitor
that tops the terms of an
the company reached last month.
ConvaTec, owned by private-equity firms Nordic Capital and Avista Capital Partners, has letters supporting the bid from
, two people told
. The letters say the banks are "highly confident" financing for the transaction is available, the people said.
Kinetic Concepts last month agreed to be bought by funds advised by Apax Partners, and affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, for $68.50 a share in cash, or $6.3 billion including debt.
Under the terms of the agreement with the Apax group, Kinetic could actively solicit other offers for 40 days, a period that ended Sunday,
Kinetic Concepts shares closed Friday at $65.37.
-- Written by Joseph Woelfel
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