CL companies escalate power struggle

Optometric Management,  May 2000  

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* Last month, we told you about Wesley Jessen's intention to buy Ocular Sciences, Inc. Three days after the announcement, Bausch & Lomb entered a bid of $34 per share for Wesley lessen. claiming disappointment in the WJ/OSI merger announcement. Apparently, B&L and WJ had been involved in negotiations in previous weeks. Because WJ rejected B&Ls bid, B&L took their offer to WJ shareholders and filed suit against WJ, its Board of Directors and OSI. WJ claimed it still intended to follow through with the OSI merger.

Since then, other noteworthy events have occurred: * April 10: Wesley Jessen agreed to hold exploratory talks with B&L. WJ says its board authorized discussions because B&L had indicated a willingness to pay more than the current $600 million bid.

* April 13: B&L announced a confidentiality agreement with Wesley Jessen.

* April 19: OSI sued B&L in California State Court for "tortious interference" with OSI's merger agreement with WJ.

OSI has an areement pro hibiting WJ from soliciting offers, but allowing the company to enter discussions with another party if "reasonable likelihood" exists that a superior offer will emerge.

Most recently, WJ is talking to a yet-to-benamed third party regarding a possible acquisition. A Reuters report stated that possibilities for the third party include: Alcon, Allergan, CooperVision, Essilor or Luxottica.

Copyright Boucher Communications, Inc. May 2000
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