Bausch & LombÕs bid for fellow contact lens supplier Wesley Jessen has left in doubt the future ownership of Ocular Sciences, the company WJ announced last week that it would purchase (News, March 24).
Days after WJÕs ÔmergerÕ with Ocular Sciences was announced, B&L reported that it had been in negotiations with WJ for several weeks with a view to a purchase, valued at US$600m, or US$34 a share. However, it has been reported that B&L was only interested in acquiring WJ, and not Ocular Sciences.
In a letter to WJ chief executive officer and president Kevin Ryan, B&L chief executive William Carpenter commented that he was disappointed and surprised to hear of the Ocular Sciences deal. His letter read: ÔGiven the clear superiority of our offer to the proposed Ocular Sciences transaction, we would like to meet with you and your advisers as soon as possible to finalise a definitive agreement between our companies.Õ
Mr Carpenter told US reporters he would take the offer Ôdirectly to the shareholdersÕ if necessary.
In response, Mr Ryan said WJ would continue with its Ocular Sciences buyout and would respond to B&LÕs proposals Ôin the appropriate timeframeÕ.
Speaking to optician, Tom Steiner, WJ vice-president of marketing said he expected that a response would be made early next month. ÔI cannot comment further, apart from to say the deal involving Ocular Sciences is going ahead as planned.Õ
Latest reports, however, state that B&L will attempt to nominate three officials to the WJ board at an annual meeting of shareholders expected to be held in May.
The merger of WJ and Ocular Sciences would create the worldÕs second largest soft contact lens producer.