J&J: Now Master Over Mentor (MNT, JNJ)
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If you thought that high-premium buyouts or M&A was dead, that is not the case in at least some opportunities. Mentor Corp. (NYSE: MNT) has just secured a major premium buyout this Monday morning with Johnson & Johnson (NYSE: JNJ) as the suitor.
Mentor will be acquired for approximately $1.07 billion in a cash tender offer valued at $31.00 per share.
Mentor Corporation is in the development, manufacturing, licensing, andmarketing of various products for the aesthetic and general surgerymarkets. The company will operate as a stand-alone business unit underJ&J’s ETHICON, Inc. unit, a provider of suture, mesh and otherproducts for a wide range of surgical procedures. One of Mentor’soperations it is best known for is its breast augmentation andreconstruction operations.
This is actually a near-100% buyout premium. Shares of Mentor closedat $16.15 on Friday, and the 52-week trading range is $13.33 to $40.82.
Jon C. Ogg
December 1, 2008
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
