Ista Investor Sues To Block $500M Bausch & Lomb Deal

Law360, Wilmington (March 30, 2012, 6:49 PM EDT) -- An Ista Pharmaceuticals Inc. shareholder on Thursday challenged Bausch & Lomb Inc.'s $500 million bid for the eye care drug manufacturer in a class action alleging the offer is too low and the result of a flawed process.

The companies announced the $9.50 per share deal Monday, two months after Ista warded off a considerably lower offer from Canadian drugmaker Valeant Pharmaceuticals International Inc. with a poison pill takeover defense.

But Bausch & Lomb's offer is still inadequate, according to a complaint lodged by Helene Hutt...
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