Abbott completes tender offer to purchase AMO

ABBOTT PARK, Ill. — Abbott subsidiary Rainforest Acquisition has successfully completed the tender to purchase all of the outstanding shares of common stock of Advanced Medical Optics at a cash price of $22 per share, for a transaction valued at approximately $2.8 billion, according to a press release from Abbott.

The tender offer expired at midnight Tuesday.

A total of 56,395,914 shares of AMO's common stock — including 6,657,258 shares subject to guaranteed delivery procedures — were validly tendered and have not been withdrawn. These shares, combined with the shares beneficially owned by Abbott and its wholly owned subsidiaries, represent approximately 93.5%, or approximately 83.1% on a fully diluted basis, of AMO's total outstanding shares of common stock, according to the release.

All AMO shares that were validly tendered in the offer and not properly withdrawn have been accepted for payment, the release said.

As Abbott's final step in the acquisition, the company plans a short-form merger as soon as is practicable without necessitating a meeting of AMO's stockholders. As a result of the merger, the remaining AMO stockholders, except for those who properly exercised dissenters' rights, will receive the same $22 per share interest-free price, subject to any required withholding taxes, that was paid in the tender offer.

Once the merger is enacted, AMO will become a wholly owned subsidiary of Abbott, and AMO shares will no longer be traded on the New York Stock Exchange.