Santa Ana-based Advanced Medical Optics Inc. said Thursday it’s interested in buying rival Bausch & Lomb Inc. and is willing to pay more than the $3.67 billion offer accepted from private equity firm Warburg Pincus.
Advanced Medical, a maker of eye surgery devices and contact lens solutions, believes “the current transaction with Warburg Pincus undervalues Bausch & Lomb, and we plan to enter the process with the intention of exploring a superior offer for the company,” the company said in a statement.
Investors weren’t pleased. Advanced Medical shares fell 4.4% in early trading. The company’s market value is about $2.4 billion.
Bausch & Lomb, which agreed to be acquired by Warburg Pincus last week, didn’t comment to Reuters on a rival bid. Under terms of the deal with Warbug Pincus, Bausch & Lomb has the right to solicit other offers during the next 50 days.
Advanced Medical said it would only proceed with a bid after reviewing Bausch & Lomb’s proprietary financial records and that there was no assurance a deal would be reached.
