Orthofix receives unsolicited $23/share buyout bid, board reaffirms SeaSpine merger

Orthofix Medical Inc.

Received unsolicited non-binding indication from two PE sponsors to acquire Orthofix for $23 per share cash.
Board determined bid is not reasonably likely to lead to a superior proposal under SeaSpine merger agreement.
Board reaffirms recommendation for all-stock SeaSpine merger; Orthofix stockholders to own ~56.5% of combined firm.
Special stockholder meeting scheduled for Jan 4, 2023 to vote on stock issuance for SeaSpine merger.
SeaSpine merger expected to close early Q1 2023, subject to approvals.

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