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Bausch & Lomb allows bid rival to discuss offer with shareholders

Bausch & Lomb grants rival bidder Advanced Medical Optics (AMO) ìlimited permissionî to discuss its USD 4.2bn take over offer with selected shareholders

Bausch & Lomb has granted rival bidder Advanced Medical Optics (AMO) ìlimited permissionî to discuss its USD 4.2bn take over offer with selected shareholders.

The German ophthalmology company is staying with the original USD 3.7bn buyout deal from New York-based private equity firm, Warburg Pincus.

Bausch & Lomb says it is 'uncertain' that Advanced Medical Optics, which is the third largest lens solution manufacturer after Alcon and Bausch & Lomb, could win shareholder approval for its cash-and-stock counter bid.

Advanced Medical's third-largest shareholder, San Francisco-headquartered ValueAct Capital, has already opposed the takeover.

According to media reports, Bausch & Lomb has continued to recommend the pending purchase offer from Warburg Pincus in a letter from the board sent on 29 July to Advanced Medical's CEO, James V Mazzo.

The letter gives Advanced Medical until 12pm on 3 August to provide evidence of its ability to secure approval from stockholders.

31st July 2007

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