FTC clears proposed buyout of Encore Medical

Encore Medical received the blessing of the US Federal Trade Commission (FTC) to sell itself to The Blackstone Group for $870 million.
   The Austin, TX-based manufacturer of orthopedic implants announced the proposed merger remains subject to satisfaction of several other conditions, including approval by Encore stockholders. The FTC’s early termination means the merger of the two companies has cleared antitrust review.
   Also, there have been two class-action lawsuits filed by Encore shareholders to challenge the deal.
   Encore had entered into an agreement to be acquired by affiliates of Blackstone in a going-private-merger transaction in June. Blackstone has agreed to pay $6.55 per share of Encore’s common stock upon the closing of the merger.