BD offers EU concessions in $24B Bard acquisition – MassDevice

29

C.R. Bard and Becton Dickinson

Becton Dickinson (NYSE:BDX) has offered concessions to address certain EU antitrust concerns as it looks to acquire C.R. Bard (NYSE:BCR) in a $24 billion deal, according to the European Commission.

Franklin Lakes, N.J.-based Becton Dickinson submitted the concessions yesterday, according to a filing on the EU competition authority, but did not provide any details on the submission.

The Commission has extended its deadline for a decision on the matter from Oct. 4 to Oct. 18 and may demand more concessions or a full-scale investigation, which could take approximately 4 months, if the companies fail to address its concerns.

In early August, Bard shareholders overwhelmingly approved the $24 billion merger with BD. The $317-per-share deal, which was announced last April, is expected to close during the fourth quarter, the companies said.

Consummation of the deal is still waiting on anti-trust approvals, including by the U.S. Federal Trade Commission. In June, the FTC asked for more information on the merger, adding 30 days to the timeline for closing the deal.

Material from Reuters was used in this report

Source