Johnson & Johnson begins subsequent offer for Mentor shares

By Lisa Kerner

Charlotte, N.C., Jan. 20 - Johnson & Johnson said its subsidiary, Maple Merger Sub, Inc., began a subsequent $31-per-share tender offer for the remaining shares of Mentor Corp. common stock.

The offer will expire at midnight ET on Jan. 22.

According to Johnson & Johnson, approximately 31,456,557 shares of Mentor's common stock were validly tendered and accepted for payment in the tender offer ended Jan. 16.

The total includes approximately 4,632,228 shares subject to guaranteed delivery procedures and represents about 92.9% of the outstanding shares of Mentor common stock, Johnson & Johnson said.

On Dec. 1, Johnson & Johnson announced it 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.

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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