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Johnson & Johnson begins tender offer for Mentor
By Lisa Kerner
Charlotte, N.C., Dec. 12 - Johnson & Johnson subsidiary Maple Merger, Sub, Inc. began a cash tender offer for all outstanding shares of common stock of Mentor Corp.
The offer will end at midnight ET on Jan. 12 unless extended, a Johnson & Johnson news release said.
On Dec. 1, Johnson & Johnson agreed to acquire Mentor for $31 per share in a transaction valued at $1.07 billion.
Once the merger is complete, Mentor will operate as a standalone business unit reporting through Johnson & Johnson's Ethicon, Inc.
The transaction is expected to close in the first quarter of 2009, Johnson & Johnson said previously.
Johnson & Johnson is a New Brunswick, N.J.-based pharmaceutical company.
Santa Barbara, Calif.-based Mentor develops products for the aesthetics and general surgery markets.
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