Abbott Labs to expand ophthalmic care business with $2.8B acquisition of AMO
Health care major Abbott Laboratories has entered into a definitive agreement to acquire fellow US firm Advanced Medical Optics for $22 per share in cash, for a total transaction value of around $2.8 billion, inclusive of estimated net debt at the time of closing amounting to $1.4 billion. Based in Santa Ana, California, AMO holds the number one position in LASIK surgical devices, is ranked second in the cataract surgical device market and third in contact lens care products. This is a 150% premium to AMO's closing price on January 9, although the stock traded at around $24.90 in June 2008.
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