🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Bausch + Lomb down after report that Blackstone could back away from takeover bid

Published 12/11/2024, 10:58 AM
© Reuters
BLCO
-

Investing.com --Bausch + Lomb Corp (NYSE:BLCO) shares tumbled more than 12% on Wednesday in New York Stock Exchange after report that Blackstone (NYSE:BX) could back away from a joint bid to acquire the eyecare company, raising doubts about one of the largest healthcare buyouts of the year.

The private equity giant had teamed up with investor TPG in October to explore a bid for Bausch + Lomb . However, Financial Times reported citing sources that Blackstone has grown wary of the seller’s high price expectations.

Citi downgraded Bausch + Lomb to “neutral” from “buy” in a note on Wednesday, slashing its price target to $22 from $24.

The auction process for Bausch + Lomb, known for its contact lenses, dry eye treatments, and surgical ophthalmology devices, began earlier this year as its debt-laden parent, Bausch Health, seeks to reduce its liabilities.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.