Abbott announces tender offer for AMO outstanding shares

Abbott will begin a cash tender offer for all remaining common stock of Advanced Medical Optics (AMO), it has announced.

Priced at $22 (15.50 pounds) per share, the deal will follow the terms of the agreement and plan of the transaction, which were set out on January 11th and declared on January 12th.

As a result of the tender offer, Abbott said it expects to commence a merger, which will see AMO stockholders receiving the same price per share as paid in the transaction.

Last month, the company announced it was to purchase the remaining equity ownership in Ibis – an Isis subsidiary – for a fee of $175 million.

The move followed a $40 million investment in the group earlier in the year, in which Abbott received approximately 18.6 per cent of the organisation’s capital.

Speaking at the time, Stafford O’Kelly, vice-president of Abbott’s molecular diagnostics division, said: “Ibis is an example of Isis’ broad innovation and will provide substantial benefit to our shareholders, both now as well as in the future.”