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AMO Withdraws Bid for Bausch & Lomb

Advanced Medical Optics has decided to withdraw its bid for fellow vision-device firm Bausch & Lomb, the Los Angeles Times reports. This clears the way for Bausch & Lomb to be sold to a subsidiary of private equity firm Warburg Pincus. AMO's bid was higher by about $10 per share, but B&L's board was skeptical that AMO shareholders would approve it. AMO's largest shareholder, ValueAct Capital, came out against it.

The B&L board asked AMO for proof that its shareholders would back the bid. AMO decided to withdraw from the bidding instead. But not before a parting shot. "If, in the future, you decide to run a process that is designed to deliver value to your shareholders, please let us know," AMO CEO James Mazzo wrote to the B&L board. Ouch!

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