Bausch & Lomb Selling Itself Away Too Cheap

May 16, 2007 · Filed Under General 

by Jon C. Ogg
24/7 Wall St.

Bausch & Lomb (BOL) announced today that it has entered into a definitive merger agreement with affiliates of Warburg Pincus, the global private equity firm. The transaction is valued at approximately $4.5 billion, including approximately $830 million of debt. Bausch & Lomb common stock will be acquired for $65.00 per share in cash.

While this is a tiny premium to today’s price the companies are claiming this is a 26% premium over the volume weighted average price of Bausch & Lomb’s shares for 30 days prior to press reports of rumors regarding a potential acquisition.

Bausch & Lomb’s Board of Directors, following the recommendation of a Special Committee composed entirely of independent directors, has unanimously approved the agreement and recommends that Bausch & Lomb shareholders approve the merger.

Continue article at 247WallSt.com

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