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Bausch & Lomb enters into merger agreement with private equity firm
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ROCHESTER, N.Y. — Bausch & Lomb has entered into a merger agreement with affiliates of the global private equity firm Warburg Pincus. Under terms of the transaction, which is valued at $4.5 billion, Bausch & Lomb's shareholders would receive $65 per share, according to a press release from Bausch & Lomb.
"As a private company, Bausch & Lomb will have greater flexibility to focus on [its] long-term strategic direction to be a global leader in providing innovative and technologically advanced eye health products to eye care professionals and consumers," said Ronald L. Zarrella, chairman and CEO of B&L, in the release.
The transaction was unanimously approved by B&L's board of directors but remains subject to approval by company shareholders and regulatory authorities.
Also, B&L may solicit superior proposals from third parties over the next 50 days, which its board of directors intends to do. If a better agreement is reached and executed, B&L will be obligated to pay a $40 million break-up fee to the Warburg Pincus affiliates.