Abbott, the company that acquired Advanced Medical Optics, and Essilor have been named as potential suitors for the Cooper Companies which includes contact lens manufacturer CooperVision.
A source familiar with the Cooper Companies was quoted in the Financial Times (April 20) as saying that Abbott could 'bolt-on' Cooper to its Abbott Medical Optics franchise, while Essilor could also be interested in complementing its business with contact lenses. It also suggested that a Japanese company such as Olympus or ophthalmic and medical equipment company Nidek could be interested in buying Cooper for access to the US market.
Cooper's chief financial officer, Eugene Midlock, questioned selling at the current market valuation although the company's stock has risen over the past three months at a time when its competitors' shares have declined in value due to the global recession.
The source claimed the contact lens business was 'stale and not having much in the way of a product pipeline other than slightly better contact lenses'.