AMO/Bausch & Lomb
This article was originally published in The Gray Sheet
Bausch & Lomb tells Advanced Medical Optics July 24 that AMO's June 29 offer to buy B&L for $75 per share in cash and stock - about $4.3 billion - "would not be likely to result in a superior proposal" versus Warburg Pincus' $65-per-share cash offer announced in May (1"The Gray Sheet" July 9, 2007, In Brief). In response, AMO reaffirmed its $75 per share offer, which it believes "fully and fairly values" B&L, and offered to pay an increased fee if AMO shareholders reject the deal. AMO also provided additional assurances that its shareholders would support the purchase..
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Advanced Medical Optics offers to buy rival ophthalmic device firm Bausch & Lomb for $75 per share in cash and stock - or $4.3 billion - to trump private equity firm Warburg Pincus' $65-per-share cash offer announced in May. B&L said July 5 it will consider AMO's proposal, which is contingent in part on additional due diligence. AMO indicated it was considering a bid shortly after the original Warburg agreement (1"The Gray Sheet" May 28, 2007, p. 21). However, AMO management's focus on a subsequent recall of its Complete MoisturePlus contact lens solution had threatened to derail the effort (2"The Gray Sheet" June 4, 2007, p. 10)...
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