J&J begins tender offer for Mentor

US drug major Johnson & Johnson has commenced, through a new wholly-owned subsidiary, Maple Merger, a cash tender offer to purchase all outstanding shares of common stock of cosmetic-product and breast-implant maker Mentor Corp, which it said it planned to acquire earlier this month for $1.07 billion (Marketlettter December 8).

Upon the successful closing of the tender offer, shareholders of Mentor will receive $31.00 in cash for each share tendered, without interest and less any required withholding taxes. Following the purchase of shares in the tender offer, Mentor will operate as a stand-alone business unit reporting through J&J's Ethicon subsidiary.

The tender offer will expire at 12:00 midnight on January 12, 2009, unless extended in accordance with the merger agreement and the applicable rules and regulations of the Securities and Exchange Commission.