NEWS Bausch
& Lomb
ONE BAUSCH & LOMB PLACE
ROCHESTER, NY 14604-2701
For further information contact:
Holly Houston Joele Frank/ Dan Katcher
716-338-8064 office Joele Frank, Wilkinson Brimmer Katcher
800-405-5314 pager 212-355-4449
716-473-7104 home
BAUSCH & LOMB ANNOUNCES WITHDRAWAL OF WESLEY JESSEN TENDER OFFER
FOR RELEASE TUESDAY, MAY 30, 2000
ROCHESTER, N.Y. - Bausch & Lomb (NYSE:BOL) today announced it will
withdraw its tender offer of $35.55 per share in cash for Wesley Jessen
VisionCare (Nasdaq:WJCO), in light of the definitive agreement to acquire Wesley
Jessen announced by CIBA Vision Corporation, the eye-care unit of Novartis AG
(NYSE:NVS).
"We considered the acquisition of Wesley Jessen to be strategically
appropriate for the company, but only at a price that is attractive to the
Bausch & Lomb shareholders," said William M. Carpenter, chairman and chief
executive officer of Bausch & Lomb. "We view our best and final offer to have
been a full and fair price for Wesley Jessen and do not intend to raise it. In
the event that the transaction between Wesley Jessen and CIBA is not completed,
we would consider renewing our tender offer at a similar price.
"Our business strategy and financial goals remain unaffected by this
development," Carpenter continued. "We have the broadest and most innovative
portfolio of products for contact lens wearers around the world and will
continue to build on our technological leadership in healthcare for the eye."
# # #
Investor Relations Contact:
Angela Panzarella
716-338-6025 office
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This news release is for informational purposes only and is not an offer to buy
or the solicitation of an offer to sell any shares of Wesley Jessen common
stock. The solicitation of offers to buy Wesley Jessen common stock is only made
pursuant to the Offer to Purchase and related materials that Bausch & Lomb has
made available to Wesley Jessen stockholders and have filed with the SEC as part
of the tender offer statement. Wesley Jessen stockholders are able to obtain the
tender offer statement, including the Offer to Purchase and related materials,
for free at the SEC's Web site at www.sec.gov. Wesley Jessen stockholders are
urged to carefully read those materials prior to making any decisions with
respect to the offer.
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This release contains some forward-looking statements. We undertake no
obligation to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise. You are advised, however,
to consult any further disclosures we make on related subjects in our 10-Q, 8-K
and 10-K reports to the SEC.
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Bausch & Lomb Incorporated is the preeminent global technology-based healthcare
company for the eye, dedicated to helping consumers SEE, LOOK and FEEL better
through innovative technology and design. Its core businesses include soft and
rigid gas permeable contact lenses, contact lens-care products, products for
ophthalmic surgery and pharmaceutical products. The company is advantaged with
some of the most respected brands in the world starting with its name, Bausch &
Lomb(R), and including SofLens(TM), PureVision(TM), Boston(R), ReNu(R), and
Storz(R). Founded in 1853 in Rochester, N.Y., where it continues to have its
headquarters, the company has annual revenues of approximately $1.8 billion and
employs approximately 12,000 people in 35 countries. Bausch & Lomb products are
available in more than 100 countries around the world. Additional information
about the company can be found on Bausch & Lomb's Worldwide Web site at
http://www.bausch.com.
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