Bausch + Lomb down after report that Blackstone could back away from takeover bid

Investing.com --Bausch + Lomb Corp (NYSE:BLCO ) shares tumbled more than 12% on Wednesday in New York Stock Exchange after report that Blackstone (NYSE:BX ) could back away from a joint bid to acquire the eyecare company, raising doubts about one of the largest healthcare buyouts of the year.

The private equity giant had teamed up with investor TPG in October to explore a bid for Bausch + Lomb . However, Financial Times reported citing sources that Blackstone has grown wary of the seller’s high price expectations.

Citi downgraded Bausch + Lomb to “neutral” from “buy” in a note on Wednesday, slashing its price target to $22 from $24.

The auction process for Bausch + Lomb, known for its contact lenses, dry eye treatments, and surgical ophthalmology devices, began earlier this year as its debt-laden parent, Bausch Health, seeks to reduce its liabilities.

Source: Investing.com