Bausch & Lomb announced that its shareholders have given their stamp of approval to the proposed acquisition of the eye-care company by Warburg Pincus affiliates. The deal sailed through, with approval from more than two-thirds of the total shares outstanding. When the buyout closes, those shares will be converted into $65 cash under the terms of the deal.
BOL chief Ronald Zarrella said, We are pleased with the outcome of today's vote. We look forward to promptly completing the transaction. The shares of Bausch & Lomb, which are hovering slightly below the buyout price, have edged fractionally higher on the news.
Meanwhile, option traders have made a wealth of bets that the stock will remain capped by that buyout price. BOL's Schaeffer's put/call open interest ratio of 3.17 reveals that puts more than triple calls among near-term options, and is just 7 percentage points away from an annual high. In the October series, the 65 put is home to 42,759 contracts.