ROCHESTER, N.Y. - Bausch & Lomb has accepted a takeover bid from global private equity firm Warburg Pincus in a transaction worth $4.5 billion.
The deal includes acquiring approximately $830 million of debt.
Under the terms of the agreement, affiliates of Warburg Pincus will acquire all outstanding shares of Bausch & Lomb common stock for $65.00 per share in cash.
“After extensive negotiations and careful and thorough analysis, together with our independent advisors, the Special Committee and our board have unanimously endorsed this transaction as in the best interest of the Company and our shareholders,” William H. Waltrip, lead director and chairman of the Special Committee of the Bausch & Lomb Board of Directors, said. “We are pleased that this transaction appropriately recognizes the value of Bausch & Lomb’s highly respected brand and innovative products in the eye care industry, while providing our shareholders with an immediate and substantial cash premium for their investment in Bausch & Lomb.”
Under the merger agreement, Bausch & Lomb may solicit superior proposals from third parties during the next 50 days. If a better offer is given to the company, Bausch & Lomb would be obligated to pay a $40 million break-up fee to affiliates of Warburg Pincus.
The Board of Directors of Bausch & Lomb, through its Special Committee and its independent advisors, does intend to solicit superior proposals during this period.