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Bausch & Lomb shareholders approve merger with Warburg Pincus

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ROCHESTER, N.Y. — Bausch & Lomb's shareholders have voted to approve the company's proposed merger with affiliates of Warburg Pincus, Bausch & Lomb announced.

The tabulation of the votes indicates that more than two-thirds of voting shareholders were in favor of the transaction, which is expected to close during the fourth quarter, according to a Bausch & Lomb press release.

In accordance with the merger agreement terms, at closing each outstanding share of Bausch & Lomb common and Class B stock will be cancelled and converted into the right to receive $65 in cash, without interest, less any applicable withholding taxes, the release said.

Also, affiliates of Warburg Pincus are not required to consummate the merger until after expiration of a "marketing period" of 20 business days after the shareholder vote.

"We are pleased with the outcome of today's vote," said Ronald L. Zarrella, chairman and CEO of Bausch & Lomb, in the release. "On behalf of the Bausch & Lomb board and management team, I want to thank our shareholders, customers and dedicated employees for their support throughout this process. We look forward to promptly completing the transaction."