J&J Buying Innotech
Johnson & Johnson is to acquire lens products, desktop lens castingsystems and related products company Innotech for $13.75 per share; the deal has already been approved by the boards of both companies. The agreement calls for J&J to begin a cash tender offer for all outstanding Innotech shares. Any shares not bought in the offer will be acquired for the same price in cash, in a second-step merger. Innotech has about nine million shares outstanding. Hambrecht and Quist analyst Robert Faulkner said that J&J could turn Innotech into a $100 million business, because it is service-sensitive and new distribution channels can easily be set up.
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