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AMO Bids Higher for Bausch & Lomb

Yesterday Advanced Medical Optics Inc. (AMO; Santa Ana, CA) announced its bid for Bausch & Lomb Inc. at a price of $4.23 billion in cash and stock. AMO's price tops the reported $3.67 billion offered by private equity firm Warburg Pincus in May. It also falls on the last day of the 50-day period that B&L reserved for other bidders.

In a statement on B&L's website, the company's board calls the offer "bona fide and reasonably likely to result in a superior proposal." reports that if B&L accepts any bid other than Warburg Pincus', it has to shell out a $40 million breakup fee. In the past year, both firms have been plagued by recalls involving their contact lens solution products.

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