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2007-07-12 - New Stage in Bausch & Lomb Merger Agreement
Bausch & Lomb has filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) for a special meeting of shareholders to be held to consider Bausch & Lomb's pending merger agreement with affiliates of Warburg Pincus. As previously announced on May 16th, B&L agreed to be acquired 100% by the investment firm for $65 per share in cash, or about $3.7 billion.
In a further development, on July 5, B&L received a bid from Advanced Medical Optics (AMO) for 100% of B&L outstanding shares in a cash/stock offer of $45 in cash and $30 in AMO stock. The Bausch & Lomb board of directors, following the recommendation of a special committee composed entirely of independent directors, has determined that the AMO proposal is bona fide and is reasonably likely to result in a superior proposal, as defined in the Warburg Pincus merger agreement. But Bausch & Lomb cautioned that the discussions with AMO may be terminated at any time and that there can be no assurances as to whether the AMO proposal will ultimately result in a transaction with B&L.
Pending further discussions with AMO, B&L has not changed, and has reaffirmed its recommendation of B&L’s pending merger with Warburg Pincus.
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