Convatec Bid for Kinetic Worth $6 Billion: Report

Reuters

A rival bid for Kinetic Concepts Inc (NYSE:KCI), a U.S. maker of medical devices used in wound care, by medical technology firm Convatec is worth 40 billion crowns ($6.3 billion), Swedish daily Dagens Industri reported on Tuesday, citing sources.

Apax Partners LLP announced a $5 billion offer for Kinetic last month. Under a so-called go-shop period, Kinetic had 40 days to seek higher offers.

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Bloomberg reported on Sunday that Convatec, which is owned by private equity firms Nordic capital and Avista Capital Partners LLC, had made a bid that exceeded Apax's offer.

Nordic Capital was not immediately available for comment.

($1 = 6.355 Swedish Kronas)

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