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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
12/15/201419:53:21Brent Saunders faces challenge of running combined Actavis-Allergan
12/05/201411:45:17Activist Fund ValueAct Capital to Seek Up to $1.5 Billion From...
11/25/201419:25:05Jefferies Bumps Up Against Big Rivals as It Looks to Expand
11/25/201418:53:14CEOs' Test: Contending With Activist Investors
11/20/201412:41:11Valeant Sets $2 Billion Buyback Plan After Losing Allergan
11/19/201419:15:16For Allergan Suitors, Unorthodox Alliance Proved Unwieldy
11/18/201419:55:17Goldman Hits Mother Lode on Deals
11/18/201418:50:13Ackman Drops Push for Allergan Holder Meeting--2nd Update
11/18/201418:40:32Ackman Drops Push for Allergan Holder Meeting--Update
11/18/201408:07:30Zoetis Unveils $500 Million Buyback Plan
11/17/201420:01:10Deal Boom Feeds on Surging Stocks
11/17/201418:16:19Actavis To Buy Allergan In $66 Billion Deal--5th Update
11/17/201416:28:40Actavis To Buy Allergan in $66 Billion Deal -- 5th Update
11/17/201415:35:37Ackman, Valeant Can't Justify Topping Actavis Bid for Allergan
11/17/201410:16:39Actavis To Buy Allergan In $66 Billion Deal--4th Update
11/17/201410:07:59Actavis To Buy Allergan In $66 Billion Deal--3rd Update
11/17/201410:01:21Actavis To Buy Allergan In $66 Billion Deal--2nd Update
11/17/201409:52:21Actavis To Buy Allergan In $66 Billion Deal--Update
11/17/201409:29:21MARKET SNAPSHOT: U.S. Stocks: Futures Lower; Industrial Production...
11/17/201408:07:11MARKET SNAPSHOT: U.S. Stocks: Futures Lower After Japan Falls...

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