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Bausch tells eye-care rival to revise bid

In Brief / CONSUMER GOODS

July 25, 2007|From Times Wire Services

Bausch & Lomb Inc. told eye-care products rival Advanced Medical Optics Inc. it needed to improve its takeover offer to compete with a $3.67-billion cash bid by a private equity firm.

Unless Advanced Medical provides extra assurances about the "value and certainty of consummation" of its $4.2-billion cash-and-stock bid, the board of Bausch & Lomb said the offer "would not be likely to result in a superior proposal."

Bausch & Lomb gave Santa Ana-based Advanced Medical until midday Friday to revise its offer.

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