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AMO makes offer for Bausch & Lomb | AMO makes offer for Bausch & Lomb |
(about 7 hours later) | |
Advanced Medical Optics (AMO) has made an offer to buy its US eye care rival Bausch & Lomb for $4.23bn (£2.1bn). | Advanced Medical Optics (AMO) has made an offer to buy its US eye care rival Bausch & Lomb for $4.23bn (£2.1bn). |
The informal approach trumps May's $3.67bn formal bid from US private equity group Warburg Pincus, which was accepted by Bausch's board. | The informal approach trumps May's $3.67bn formal bid from US private equity group Warburg Pincus, which was accepted by Bausch's board. |
Bausch, whose agreement with Warburg allowed it to explore other bids for 50 days, said AMO's approach was likely to lead to a superior deal. | Bausch, whose agreement with Warburg allowed it to explore other bids for 50 days, said AMO's approach was likely to lead to a superior deal. |
While Warburg's offer is all-cash, AMO's involves both cash and shares. | While Warburg's offer is all-cash, AMO's involves both cash and shares. |
AMO is offering $75 per share - $45 in cash and $30 in stock. | AMO is offering $75 per share - $45 in cash and $30 in stock. |
Termination fee | Termination fee |
Bausch said it planned "to engage in further discussions" with AMO, but cautioned that "there can be no assurances as to whether the AMO proposal will ultimately result in a transaction". | Bausch said it planned "to engage in further discussions" with AMO, but cautioned that "there can be no assurances as to whether the AMO proposal will ultimately result in a transaction". |
If Bausch does accept AMO's offer, it will have to pay Warburg a $40m termination fee. | If Bausch does accept AMO's offer, it will have to pay Warburg a $40m termination fee. |
AMO is smaller than Bausch, with a market capitalisation of $2.1bn, compared with its rival's $3.7bn. | AMO is smaller than Bausch, with a market capitalisation of $2.1bn, compared with its rival's $3.7bn. |
In May, AMO was forced to recall its Complete MoisturePlus contact lens solutions after it was found to increase the risk of eye infections among users. |
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