AMO comments on Bausch and Lomb letter

Advanced Medical Optics (AMO) has issued a response to a letter sent to it this week by the special committee of the board of directors and the board of directors of Bausch & Lomb.

In its response, the company states its continued belief in the superiority of its offer to shareholders in Bausch & Lomb compared to the existing merger agreement with Warburg Pincus, with that bid equating to an offer of $65 (31.6 pounds) per share.

“We continue to believe in the strategic and financial rationale for this combination and are confident in our ability to consummate the transaction,” said AMO.

“We reaffirm our $75 per share offer, which we believe fully and fairly values Bausch & Lomb. It is clearly superior and would deliver more value to Bausch & Lomb shareholders.”

It added that a merger between AMO and Bausch & Lomb would enable shareholders in both firms to realise the benefits of a deal that would result in measurable cost-savings opportunities.

Earlier this month, Bausch & Lomb announced that it had filed a preliminary proxy statement with the US Securities and Exchange Commission regarding a merger agreement with affiliates of Warburg Pincus.

According to the merger agreement with Warburg Pincus, AMO is designated as an “excluded party”, permitting Bausch & Lomb to continue negotiating with the company despite the end of the “go shop” period.