Bausch and Lomb shareholders approve merger deal

Eye health firm Bausch & Lomb has announced that its shareholders have voted in favour of a proposed merger of the company with affiliates of private equity firm Warburg Pincus.

At a special meeting of shareholders held last week, over two thirds of the total outstanding shares entitled to vote were cast in favour of the deal.

Consequently, at the closing of the merger agreement, all outstanding and common stock in Bausch & Lomb will be converted into the right to receive $65 (32.28 pounds) following cancellation, with finalisation of the deal expected in the fourth quarter of 2007 following standard closing conditions.

Ronald L Zarrella, chairman and chief executive officer of Bausch & Lomb, said: “On behalf of the Bausch & Lomb board and management team, I want to thank our shareholders, customers and dedicated employees for their support throughout this process.

“We look forward to promptly completing the transaction.”

He added that the company was satisfied with the result of the vote by its shareholders.

Bausch & Lomb first announced the privatisation merger agreement with Warburg Pincus in May 2007, with the company then being valued at $4.5 billion, with this sum including debts of approximately $830 million.