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Bausch + Lomb To Acquire ISTA In Cash Deal

DOW JONES NEWSWIRES 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

Stock News for Valeant Pharma (VRX)
DateTimeHeadline
09/29/201409:20:12Allergan Reiterates Opposition to Valeant Bid
09/25/201409:45:20U.S. Hot Stocks: Hot Stocks to Watch
09/12/201415:14:59Correction to Allergan Story
08/14/201418:03:34Paulson & Co. Opens Positions in Covidien, DirecTV and Allergan
07/21/201415:44:16Allergan to Lay Off 13% of Workforce, Cut Drug Research -- 3rd...
07/21/201409:59:43U.S. Hot Stock Futures: Hot Stocks to Watch
07/21/201407:57:43Valeant Pharmaceuticals Complains to SEC Over Allergan Claims...
07/07/201414:00:26Pershing Proposes Six Directors for Allergan Board
07/02/201415:32:44Pershing Square Hedge Fund Ends First Half Up 25%
07/01/201414:39:11Pershing Square Hires Credit Suisse as Banker in Allergan Campaign...
06/17/201409:09:22Valeant to Launch Exchange Offer This Week to Allergan Shareholders...
06/16/201421:23:19Allergan's Bitter Pill for Morgan Stanley
06/13/201408:08:46Pershing Files Suit Against Allergan -- 2nd Update
06/13/201407:19:22Pershing Capital Files Suit Against Allergan -- Update
06/10/201416:41:13Allergan Rejects Valeant's Latest Takeover Bid -- 4th Update
06/10/201416:36:52Allergan Rejects Valeant's Latest Takeover Bid -- 3rd Update
06/10/201416:29:53Allergan Rejects Valeant's Latest Takeover Bid -- Update
06/02/201416:54:18MARKET SNAPSHOT: U.S. Stocks Inch Up; S&P 500, Dow At Record
06/02/201413:25:07MARKET SNAPSHOT: U.S. Stocks Regain Footing After ISM Corrects...
06/02/201411:41:10Pershing Seeks Removal of 6 Allergan Directors -- 4th Update

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