Kinetic Concepts Gets Bid from ConvaTec -Bloomberg

Kinetic Concepts KCI, which agreed last month to a $5 billion or $68.50 per share leveraged buyout by Apax Partners, a London-based private equity firm, and two Canadian pension funds, has apparently received a higher offer from competitor ConvaTec, according to sources. The offer came just hours before the end of the 40-day 'go-shop' period. ConvaTec, owned by private-equity firms Nordic Capital and Avista Capital Partners, has letters from Goldman Sachs and Jefferies Group backing up the new bid, according to sources who did not wish to be identified.