Likely NO!! Whoever might be interested will quickly get scared away after conducting serious due diligence on the company. Their primary profitability comes from Knees, and both marketing and engineering are in a total disarray. They have hired pretty boys to be VP's with no real world experience in Orthopeadics. They have high profile MBA's and more likely than not worked with GE (great training background). The CEO is a lawyer who knows diddly about the business, etc, etc.
The company will only be bought out, if they do some serious house cleaning starting at the top. JMO
For a potential buyer the timing is good. The companys market cap is half of what it was just a few years ago. their value is lower. Despite the decline of some tough to earn back market share in hips & knees, ZMH is still #1. Zimmers sales force is enviable. (thank goodness the company hasn't messed with that entity) I suppose a world class compliance department as well. So an acquirer does get a market leader at a discount.
The bad? market share decline especially in knees with a new system not out for another 18-24 months. Trauma, spine, problems in hips and OSP.
There is a lot of good and bad. The timing to acquire ZMH is better than it has been as they are out from under the doj umbrella.