Johnson & Johnson (J&J) has extended its previously announced cash tender offer, through its wholly-owned subsidiary, Maple Merger Sub, Inc, for all outstanding shares of common stock of Mentor Corporation until 5:00 p.m. (Eastern time), on January 16, 2009, unless further extended. The tender offer was originally scheduled to expire at 12:00 midnight (Eastern time), on January 12, 2009. All other terms and conditions of the tender offer remain unchanged.
The condition of the tender offer relating to the Hart-Scott-Rodino Antitrust Improvements Act has been satisfied. Other regulatory clearances required for the closing of the tender offer remain pending and Johnson & Johnson anticipates receipt of those clearances on or prior to January 15, 2009. Accordingly, Johnson & Johnson has extended the tender offer to reflect this timetable.
The depositary for the tender offer has advised Johnson & Johnson that, as of 12:00 p.m. (Eastern time), a total of 609,983 shares of Mentor common stock were validly tendered and not withdrawn (none of which are subject to guaranteed delivery procedures), representing approximately 1.8 per cent of Mentor's outstanding common stock.
Upon the successful closing of the tender offer, shareholders of Mentor will receive $31.00 in cash for each share of Mentor common stock tendered in the tender offer, without interest and less any required withholding taxes. Following the completion of the acquisition, it is expected that Mentor will operate as a stand-alone business unit reporting through Ethicon, Inc, a Johnson & Johnson company.