August 21, 2011 / 9:33 PM / 7 years ago

Kinetic Concepts gets offer from Avista: report

PHILADELPHIA (Reuters) - Kinetic Concepts Inc KCI.N, a maker of medical devices used in wound care, got a rival takever big from Avista Capital Partners LLC’s ConvaTec Inc that exceeds the existing $5 billion bid from Apax Partners LLP, according to Bloomberg.

Avista’s ConvaTec has letters from Goldman Sachs Group Inc and Jeffries Group Inc that say financing for the transaction is available, the report said.

Apax announced a $68.50-a-share offer for Kinetic last month. Under a so-called go-shop period, Kinetic had 40 days to seek higher offers.

Kinetic Concepts, Avista and Apaz were not immediately available for comment.

Reporting by Jessica Hall; Editing by Jan Paschal

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