Accounting woes sends Bausch & Lomb private

Following product recalls and accounting woes, eye-care product
maker Bausch & Lomb has agreed to be
acquired by the private equity firm
Warburg Pincus for £1.85bn in cash.

The 154-year-old company said the private equity group had agreed to pay $65
per share.

This, the company said, was a 26% premium to the average price of the stock
over the 30-day period when rumours began circulating about a possible buyout.

The deal will see Warburg Pincus take on about $830m (£415m) of debt.

Further reading:

Heer launches private equity funds

CBI warns against private equity clampdown

Managing finances: private equity investment

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