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Johnson & Johnson announces definitive agreement to acquire Mentor Corporation

December 01, 2008
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Johnson & Johnson and Mentor Corporation, a leading supplier of medical products for the global aesthetic market, have announced a definitive agreement whereby Mentor will be acquired for approximately $1.07 billion in a cash tender offer, according to the Associated Press. Mentor is expected to operate as a stand-alone business unit reporting through ETHICON, Inc., a Johnson & Johnson company and leading provider of suture, mesh and other products for a wide range of surgical procedures. Under the terms of the agreement, Johnson & Johnson will commence a tender offer to purchase all outstanding shares of Mentor at $31.00 per share. The tender offer is conditioned on the tender of a majority of the outstanding shares of Mentor''s common stock on a fully diluted basis. The closing is conditioned on clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary closing conditions. The $1.12 billion estimated net value of the transaction is based on Mentor''s 34.6 million fully diluted shares outstanding, plus estimated net debt at time of closing. The boards of directors of Johnson & Johnson and Mentor have approved the transaction. The transaction is expected to close in the first quarter of 2009.

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