By Lisa Kerner
Charlotte, N.C., Dec. 1 - Johnson & Johnson agreed to acquire Mentor Corp. in a $31.00-per-share cash tender offer valued at $1.07 billion, it was announced on Monday.
Mentor will operate as a standalone business unit reporting through Johnson & Johnson's company, Ethicon, Inc.
The acquisition is expected to strengthen Johnson & Johnson's presence in aesthetic and reconstructive medicine, a company news release said.
Johnson & Johnson, a New Brunswick, N.J.-based pharmaceutical company, expects the transaction to have a dilutive impact to its 2009 earnings per share of approximately $0.03 to $0.05.
The transaction is expected to close in the first quarter of 2009, the release said.
Santa Barbara, Calif.-based Mentor develops products for the aesthetics and general surgery markets.
In November, Johnson & Johnson subsidiary Binder Merger Sub, Inc. began a $25-per-share cash tender offer to purchase all outstanding shares of common stock of Omrix Biopharmaceuticals, Inc., a New York-based biopharmaceutical company.
| Acquirer: | Johnson & Johnson
|
| Target: | Mentor Corp.
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| Announcement date: | Dec. 1
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| Transaction total: | $1.07 billion
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| Price per share: | $31.00
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| Expected closing: | First quarter of 2009
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| Stock price for target: | NYSE: MNT: $16.15 on Nov. 28
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