Abbott clears antitrust hurdle in AMO deal
This article was originally published in The Tan Sheet
With the Jan. 5 expiration of the waiting period under the Hart-Scott-Rodino pre-merger notification program, Abbott's acquisition of Advanced Medical Optics can move forward, the pharmaceuticals and nutritionals firm says Feb. 6. Abbott has until Feb. 24 to consummate the tender offer for the eye care products company, but must also satisfy the European Commission's regulatory review. The Abbott Park, Ill.-based firm said Jan. 12 it would pay $1.36 billion for AMO's 62 million outstanding shares (1"The Tan Sheet" Jan. 19, 2009, p. 17)
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Advanced Medical Optics' fiscal 2008 net sales rose 8.6 percent to $1.2 billion despite net sales falling 6.4 percent to $285.2 million in the fourth quarter. The Santa Ana, Calif.-based firm says Feb. 20 that the quarterly drop primarily was due to poor refractive sales, which fell 24.8 percent to $87.1 million in the quarter because consumers have less discretionary money for eye procedures. However, eye-care product sales rose 8.3 percent to $54.7 million in the quarter, led by a 21.9 percent increase in multipurpose solution sales to $24.5 million and by sales of artificial tears, part of the "other" category, which was up 12.3 percent to $15 million. Abbott is acquiring AMO for $22 per share in cash for a total $2.8 billion (1"The Tan Sheet" Feb. 9, 2009, In Brief)
Drug, device and nutritional maker Abbott is betting that its $2.8 billion purchase of laser vision correction, contact lens care and cataract surgery product maker Advanced Medical Optics will pay off once the economy recovers
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