Cooper Companies merger with Ocular Sciences completed

Cooper Companies has announced that its merger with Ocular Sciences has closed. At closing, Cooper paid approximately $600 million in cash and issued approximately 10.7 million shares of its common stock to Ocular Sciences stockholders and option holders.

'This acquisition is an ideal strategic fit for Cooper', said A. Thomas Bender, Cooper's chief executive officer. 'Ocular brings geographic and product line balance and manufacturing technology to our CooperVision business unit. We expect to nearly double our revenue base and enhance our cash flow and profitability', Bender added.

'Combining Cooper and Ocular Sciences is a strategic opportunity that immediately creates a company with significant scale and presence in all major markets around the world', said John Fruth, Ocular Sciences' founder and chairman, who will join Cooper's board of directors. 'The combined companies will offer our customers a wider choice of contact lens products for their patients', Fruth noted.

With the completion of the merger, CooperVision becomes the world's third largest contact lens company.