Advanced Medical bids on Bausch for lensesThe medical supply company is seeking to expand its eye-care offerings with lenses and eye drugs in a bid to buy Bausch & Lomb.NEW YORK (CNNMoney.com) -- Medical supply company Advanced Medical Optics has offered to buy Bausch & Lomb for $75 in cash and stock, according the contact lens-maker. The bid pits Advanced Medical Optics (Charts) against private-equity firm Warburg Pincus, which agreed in May to acquireBausch & Lomb (up $3.36 to $72.00, Charts) for $65 a share, or approximately $4.5 billion including debt, but left the lens-maker open to accept competing offers. According to Advanced Medical's proposal, the company will have up to 12 months to close the transaction. The deal is subject to regulatory approvals, approval by both companies' shareholders and the termination of Bausch & Lomb's prior agreement with Warburg Pincus. Advanced Medical Optics, which currently does not make contact lenses, had been eyeing Bausch & Lomb's $710 million lens business and $658 million optical drug line to add to its own eye-care offerings. Bausch & Lomb's shares closed 4.9 percent higher on the New York Stock Exchange Thursday, while shares of Advanced Medical Optics closed up 1.2 percent. |
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