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B&L Enters Merger Agreement with Warburg Pincus
After myriad rumors of a potential acquisition, Bausch & Lomb (B&L) announced today that it has entered into a definitive merger agreement with the affiliates of the global private equity firm, Warburg Pincus. The transaction is valued at approximately $4.5 billion, including approximately $830 million in debt. Under terms of the agreement, Warburg Pincus affiliates will acquire all of the outstanding shares of B&L common stock for $65.00 per share in cash, a 26% premium over the volume weighted average price of the company’s shares.
Following the recommendation of a special committee composed of independent directors, B&L’s Board of Directors unanimously approved the agreement. “We are pleased that this transaction appropriately recognized the value of B&L’s highly respected brand and innovative products in the eye care industry,” says William H. Waltrip, lead director and chair of that committee.
Ronald L. Zarella, B&L’s chairman and CEO, says, “As a private company, B&L will have greater flexibility to focus on our long-term strategic direction to be a global leader in providing innovative and technologically advanced eye health products to eye care professionals and consumers.”
Under the agreement, B&L intends to solicit superior proposals from third parties during the next 50 calendar days. Should a superior proposal lead to the execution of a definitive agreement, the company would be obligated to pay a $40 million break-up fee to Warburg Pincus affiliates.
There is no financing condition to consummate the transaction, but the agreement is also subject to certain conditions, including the approval of B&L shareholders. The company expects to hold a special meeting of stockholders to consider and vote on the proposal.
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