J&J's takeover of Mentor clears antitrust conditions
US health care major Johnson & Johnson says that all applicable foreign antitrust and similar regulatory clearances required for its cash tender offer to purchase USA-based Mentor Corp have been obtained (Marketletter December 8, 2008).
Late last year, J&J agreed to acquire cosmetic-product and breast-implant maker Mentor for $1.07 billion. Mentor is expected to operate as a stand-alone business unit reporting through J&J unit Ethicon, a leading provider of suture, mesh and other products for a wide range of surgical procedures.
As part of the depositary for the tender offer, which has also satisfied Hart-Scott Rodino conditions, at midday on January 15, a total of approximately 4,094,627 shares of Mentor common stock were validly tendered and not withdrawn (including around 76,973 shares subject to guaranteed delivery procedures), representing 12.1% of Mentor's outstanding common stock.
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