Advanced Medical Optics drops bid for Bausch & Lomb

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Advanced Medical Optics, Inc. withdrew its offer to acquire Bausch & Lomb Inc., saying it was "disappointed" that Bausch & Lomb's board would not grant the company "adequate time" to provide requested information.

"It is clear from the way [the] special committee has run the go-shop process and the unrealistic hurdles that have been uniquely imposed on Advanced Medical Optics, Inc. that you do not have any interest in providing your shareholders with the opportunity to receive the $75 per share offer that we have proposed," president James V. Mazzo said in a letter to Bausch & Lomb. The letter was included as part of a form 8-K filing with the Securities and Exchange Commission.

Bausch & Lomb will instead move forward with its $65-per-share transaction with Warburg Pincus, LLC.

Bausch & Lomb requested "concrete, credible evidence" of Advanced Medical Optics' ability to secure stockholder approval no later than noon ET on Aug. 3. Advanced Medical Optics asked for additional time, saying it would take several weeks to gather and present the information in a meaningful manner.

Advanced Medical Optics is a Santa Ana, Calif.-based provider of ophthalmic surgical devices and eye care products. Based in Rochester, N.Y., Bausch & Lomb is an eye health company.

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