PARSIPPANY, NJ–Siemens Hearing Instruments submitted a bid on July 27 to buy HearUSA, whose assets go up for auction today in a Chapter 11 bankruptcy auction. Siemens, which was for many years the main hearing aid supplier to HearUSA, bid $75.5 million, of which $7.5 million is in cash.
A few weeks ago, Siemens sued HearUSA for money that it alleges the West Palm Beach, FL-based network of hearing care practices owes it. The suit precipitated HearUSA’s filing under Chapter 11.
Until Siemens entered the bidding, it appeared that the Danish company William Demant, parent company of Oticon, might acquire HearUSA uncontested with its bid of $70 million in cash.
