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On Friday, Advanced Medical Optics Inc. reaffirmed its $4.23 billion takeover bid for Bausch & Lomb Inc. As reported in Wednesday's arbitrage column in The Deal, Bausch gave AMO until high noon Friday to give further assurances regarding the value and certainty of its cash-and-stock bid, which competes with Bausch's $3.5 billion, $65 per share, cash take-private agreement with Warburg Pincus. According to Reuters, AMO responded, offering to have its shareholders vote on the proposed deal before Bausch & Lomb investors weigh the Warburg Pincus offer. Advanced Medical offered to pay a $50 million reverse termination fee if its investors voted against the deal. The Warburg deal could close in September, while an AMO acquisition would likely be subject to an extended antitrust review by the Federal Trade Commission and could thus stretch through the first quarter 2008. But Bausch appears to be seeking assurance primarily about the certainty of the deal, rather than its value or timing. In a July 24 letter, Bausch said it will cease to view AMO as "an excluded party" for purposes of the go-shop terms of the Warburg deal if AMO does not firm up its offer. Bausch referred to concerns laid out in a July 18 letter that is not yet public.—Tom Groppe See July 25 arb column on TheDeal.com See AMO's response to Bausch letter Tags: private equity, Bausch & Lomb, Advanced Medical Optics and Warburg Pincus
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