TPG Capital Management LP amended its previously announced merger agreement with Exactech Inc., taking the deal value up to $737 million from $625 million.
TPG Capital will acquire all outstanding shares of Exactech at $49.25 per share in cash, up 17.3% from the previously announced $42 per share.
Exactech's founders, CEO and certain other management shareholders, who collectively hold 18.8% of the company's stock, have agreed to tender their stocks to TPG Capital's revised offer.
The going-private transaction is also supported by the Exactech board, which has asked shareholders to vote in favor of it. The acquisition is expected to close in the first quarter of 2018, subject to customary closing conditions.
J.P. Morgan Securities LLC is acting as the financial adviser to Exactech, while Greenberg Traurig PA and Greenberg Traurig LLP are serving as legal adviser to the company.
Ropes & Gray is acting as legal adviser to TPG Capital.