Advanced Medical withdraws Bausch

By Staff
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Google Oneindia News

PHILADELPHIA, Aug 1 (Reuters) Advanced Medical Optics Inc. today withdrew its 4.23 billion dollar unsolicited takeover bid for rival eye-care company Bausch &Lomb Inc, saying Bausch had put up unrealistic hurdles to a potential deal.

''It is clear from the way special committee has run the go-shop process and the unrealistic hurdles that have been uniquely imposed on Advanced Medical Optics Inc. that you do not have any interest in providing your shareholders with the opportunity to receive the 75 dollar per share offer that we have proposed,'' Advanced Medical said in a filing with the US Securities and Exchange Commission.

Earlier today, Bausch&Lomb refused to give Advanced Medical more time to gather shareholder support for its unsolicited takeover bid. Bausch&Lomb reaffirmed its support for its agreement to be acquired by private equity firm Warburg Pincus for 3.67 billion dollar.

REUTERS SAM BST0121

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