ROCHESTER, N.Y. Bausch & Lomb on Friday announced that its shareholders voted to approve the proposed merger with affiliates of Warburg Pincus at a special meeting of shareholders held earlier this morning.
“We are pleased with the outcome of today’s vote,” stated Ronald Zarrella, chairman and chief executive officer of Bausch & Lomb. “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.”
The tabulation indicates that more than two thirds of the total shares outstanding and entitled to vote at the meeting were voted in favor of the transaction.
In accordance with the terms of the merger agreement, at the closing, each outstanding share of common and Class B stock of Bausch & Lomb will be cancelled and converted into the right to receive $65 in cash, without interest, less any applicable withholding taxes. The transaction, which is subject to customary closing conditions, is expected to close early in the third quarter. Pursuant to the merger agreement, affiliates of Warburg Pincus are not required to consummate the merger until after expiration of a “marketing period” of 20 business days following the shareholder vote. Closing of the merger is not subject to a financing condition.