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Cooper to acquire Ocular Sciences

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The Cooper Cos. will acquire Ocular Sciences, the companies jointly announced. The acquisition will make CooperVision the world’s third largest contact lens company, according to a press release from the two companies.

The total purchase price is approximately $1.2 billion; Cooper will pay about $600 million in cash and issue about 10.3 million shares of its common stock to Ocular Sciences stockholders and option holders. The transition is expected to close in the first quarter of Cooper’s 2005 fiscal year, which begins Nov. 1, according to the press release.

The CooperVision unit of Cooper Cos. had an estimated 2004 revenue of about $385 million, and Ocular Sciences expects calendar 2004 revenue of about $345 million, the release said.

Completion of the transaction, which has been unanimously approved by the boards of directors of both companies, is subject to approvals of each company’s shareholders and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.