Bausch + Lomb said it authorized management and advisers to explore a potential sale of the eye health company after shares dropped over reports of faltering deal talks with a group of private equity firms.
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The company is traded on both the New York Stock Exchange and Toronto Stock Exchange. The shares have gained 6.5% this year through Wednesday’s close in New York. The company’s stock tumbled yesterday after the Financial Times reported that Blackstone could pull out of a joint takeover bid for the eye care company, citing unidentified people familiar with matter.
Bausch Health has about $21 billion in debt, according to data compiled by Bloomberg. Questions about whether the company could remain solvent without Bausch + Lomb have complicated the separation.
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