Zimmer Biomet will acquire LDR Holding, a maker of devices and technologies for spine disorders, for $1.07 billion under a deal that represents a 64% premium over Monday's closing price on LDR's shares. The merger, which is expected be completed in the third quarter, would strengthen Zimmer Biomet's foothold in the musculoskeletal market "by adding a premier spine platform to our portfolio," said Zimmer Biomet CEO David Dvorak.
Funds managed by DRA Advisors will acquire Inland Real Estate Corp. DRA Advisors is paying $10.60 a share in cash for the REIT, a 6.6% premium over its Monday closing share price, for a total of $1.07 billion. Including debt, the deal is valued at $2.3 billion.
Empire State Realty Trust raised $929.5 million in its initial public offering Tuesday. The 71.5 million shares priced at $13, which was at the low end of the expected range of $13 to $15 per share. The deal value could increase to $1.07 billion if underwriters exercise their right to buy additional shares. In that scenario, Empire State REIT would become the largest U.S. REIT IPO since October 2006.
A $1.07 billion budget for fiscal 2013 approved by the Dallas Area Rapid Transit's board of directors will help fund the expansion of the Orange and Blue lines. It will also go toward work on constructing a connector to Dallas/Fort Worth International Airport.