Johnson & Johnson (JNJ) Receives Clearance for Tender to Buy Mentor; Sees Deal Dilutive to '09 EPS by $0.03-$0.05

January 15, 2009 2:08 PM EST

Johnson & Johnson (NYSE: JNJ) today announced that all applicable foreign antitrust and similar regulatory clearances required for its cash tender offer to purchase all outstanding shares of common stock of Mentor Corporation (NYSE: MNT) were obtained, or the relevant waiting periods for clearance have expired.

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.

Upon closing, the transaction is expected to have a dilutive impact to Johnson & Johnson's 2009 earnings per share of approximately $0.03 - $0.05. This amount will be reflected as part of Johnson & Johnson's earnings guidance, which will be provided Jan. 20, 2009.

Johnson & Johnson engages in the research and development, manufacture, and sale of various products in the health care field worldwide.

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