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Bausch & Lomb bidding escalates

This article was originally published in The Gray Sheet

Executive Summary

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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AMO/Bausch & Lomb

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..

AMO’s Recalled MoisturePlus Lens Solution Had $106 Mil. In Sales Last Year

Advanced Medical Optics is recalling its Complete MoisturePlus contact lens solution after an investigation by the Centers for Disease Control and Prevention found a potential link between the product and a rare eye infection

AMO Eyes Potential Bid To Nab Bausch & Lomb Before It Goes Private

Ophthalmic device firm Advanced Medical Optics is considering a bid for competitor Bausch & Lomb that would trump B&L's existing buyout deal with private equity firm Warburg Pincus

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