Johnson & Johnson receives all required clearances in proposed acquisition of Mentor

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Johnson & Johnson said it has received all the required foreign antitrust and similar regulatory clearances required for its cash tender offer for Mentor Corp.

In addition, all relevant waiting periods for clearance have expired, the company said.

Maple Merger Sub, Inc., a Johnson & Johnson subsidiary, began a $31-per-share tender offer for Mentor on Dec. 1.

As previously reported, Johnson & Johnson extended the offer to 5 p.m. ET on Jan. 16 from Jan. 12 in anticipation of receiving regulatory clearances.

A total of approximately 4,094,627 shares, or 21.1%, of Mentor common stock were validly tendered and not withdrawn in the offer as of noon ET on Jan. 15.

The total includes approximately 76,973 shares subject to guaranteed delivery procedures.

Johnson & Johnson, a New Brunswick, N.J.-based pharmaceutical company, agreed to acquire Mentor 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.

Santa Barbara, Calif.-based Mentor develops products for the aesthetics and general surgery markets.

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