Johnson & Johnson (JNJ) Completes Tender Offer of Mentor Corp (MNT)

January 23, 2009 9:19 AM EST

Johnson & Johnson (NYSE: JNJ) announced the expiration of the subsequent offering period of the cash tender offer through its wholly owned subsidiary, Maple Merger Sub, Inc., for all outstanding shares of common stock of Mentor Corporation (NYSE: MNT). The subsequent offering period expired, as scheduled, at 12:00 midnight (Eastern Time) on Jan. 22, 2009, and was not extended.

Johnson & Johnson intends to complete the acquisition of Mentor through what is known as a "short-form merger," that is, without a vote or meeting of Mentor's remaining shareholders. In the merger, each of the remaining shares of Mentor common stock (other than shares owned by shareholders of Mentor who properly exercise their dissenters' rights under Minnesota law) will be converted into the right to receive $31.00 per share, less any required withholding taxes, in cash and without interest, which is the same amount per share that was paid in the tender offer. The merger is expected to occur as soon as practicable.

Following the merger, Mentor is expected to operate as a stand-alone business unit reporting through ETHICON, Inc., a Johnson & Johnson company, and Mentor's common stock will no longer be listed on the NYSE. [SM]

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