Abbott to commence cash tender offer for Advanced Medical Optics

ABOTT PARK, Ill. Abbott will commence on Tuesday a cash tender offer for all outstanding shares of common stock of Advanced Medical Optics at $22 per share on Jan. 27, in a deal worth approximately $2.8 billion, the company announced Monday.

Abbott and AMO announced the proposed merger earlier this month. “With AMO, Abbott is enhancing and strengthening its diverse mix of medical device businesses and gaining a leadership position in another large and growing segment," stated Miles White, Abbott chairman and CEO, in announcing the deal Jan. 12. "Additionally, Abbott's significant global presence will help drive growth opportunities for this business, especially in international markets, where favorable demographics are driving demand for advanced eye care procedures and products."

The transaction is subject to customary closing conditions, including antitrust clearances. Abbott and AMO expect the transaction to close in the first quarter of 2009.