Bausch + Lomb To Acquire ISTA In Cash Deal

Date : 03/26/2012 @ 8:51PM
Source : Dow Jones News
Stock : Valeant Pharmaceuticals International, Inc. (VRX)
Quote : 8.51  -0.37 (-4.17%) @ 8:00PM

Bausch + Lomb To Acquire ISTA In Cash Deal

Ista Pharmaceuticals, Inc. (MM) (NASDAQ:ISTA)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more Ista Pharmaceuticals, Inc. (MM) Charts.

Bausch + Lomb Monday agreed to acquire ISTA Pharmaceuticals Inc. (ISTA), swooping in with a higher offer for the eye-care company deal less than two months after a rival suitor withdrew its bid.

ISTA shares jumped 7.8% to $9.03 after hours, slightly below Bausch + Lomb's $9.10 per-share offer price, which offers more than $380 million for Ista's outstanding shares. That values the company at a roughly 134% premium over its close Dec. 15, the day before ISTA confirmed its was weighing its strategic options.

The latest offer comes after Valeant Pharmaceuticals International Inc. (VRX, VRX.T) withdrew a sweetened bid for the eye-care company. Valeant in January raised its offer for ISTA to $7.50 a share, with a target of $8.50 subject to due diligence.

ISTA at the time said it would continue to review Valeant's offer, valued at up to $353 million, but said it would remain in talks with a number of parties that expressed interest in a strategic transaction.

Basch + Lomb's deal, expected to close in the second quarter, won unanimous approval from both companies' boards.

Basch + Lomb said the deal benefits from the two companies' complementary development pipelines. The companies plan to continue operating independently until the deal closes.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com




Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.