Bausch + Lomb Corp Shares Drop

Investing.com — Bausch + Lomb Corp (NYSE:BLCO) shares tumbled more than 12% on Wednesday on the New York Stock Exchange after reports emerged that Blackstone (NYSE:BX) might withdraw from a joint bid to acquire the eyecare company. This raised concerns about one of the largest healthcare buyouts of the year.

The private equity giant partnered with investor TPG in October to consider a bid for Bausch + Lomb. However, a report from the Financial Times indicated that Blackstone has become cautious due to the seller’s high price expectations.

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

The auction process for Bausch + Lomb, which is 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.