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Bausch & Lomb shareholder opposed to Warburg Pincus buyout

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Officials at Sandell Asset Management, an investment firm and Bausch & Lomb shareholder, announced that it would vote against the $65 per share takeover bid that Bausch & Lomb accepted from the private equity firm Warburg Pincus.

Contrary to Bausch & Lomb's board of directors, Sandell said Warburg Pincus' offer is not superior to Advanced Medical Optics' $75 cash-and-stock bid issued earlier this month. Bausch & Lomb said Wednesday that it would reject AMO's bid unless AMO could prove its shareholders supported the proposed acquisition.

"The special committee's failure to recommend the AMO proposal as superior, despite a 15% premium over the Warburg offer, is very concerning. While we recognize there are certain issues with the AMO offer, we believe these issues are manageable," said Thomas E. Sandell, CEO of Sandell, in a press release from the company.

As of March 31, Sandell owned 1.28% of Bausch & Lomb, Reuters reported Thursday. Officials at Sandell could not be reached for comment as of press time.