Thursday, May 17, 2007
Bausch & Lomb, which has not filed financial statements as it seeks to correct accounting irregularities, announced that it would be acquired by private equity firm Warburg Pincus. The deal is for $4.5 billion or $65 per share, a 23% market premium. The $40 milllion breakup fee, described as "relatively modest," and Bausch's statement that it has 50 days to seek better offers, suggests that it is expecting other bidders. See NYTimes, Bausch & Lomb Accepts $4.5 Billion Takeover Bid; WSJ, Bausch & Lomb
Aims to Play Field.