Blackstone (BX) has decided not to proceed with a joint takeover bid for eyecare company Bausch + Lomb (BLCO), the Financial Times reported Wednesday, citing people familiar with talks.
The report said that Blackstone, who initially partnered with TPG (TPG) in October to explore a bid, reportedly backed out due to high price expectations from the seller.
With Blackstone likely to exit the consortium, the chances of a successful deal have diminished, The report said, citing sources.
Negotiations were still underway as recently as last week, with Bausch + Lomb's board, which includes major shareholders like John Paulson and a representative from activist investor Carl Icahn, seeking a bid significantly above $20 per share, the report said, adding TPG and Blackstone resisted these terms.
The company, which has experienced about 20% year-on-year sales growth over the past four quarters, remains confident in its continued success even if the deal doesn't'proceed, two people told the Financial Times.
Blackstone, TPG, and Bausch + Lomb didn't immediately respond to MT Newswires' request for comment.
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