Johnson & Johnson Buying Mentor for $1.07B

NEW BRUNSWICK, N.J. -- Health care products company Johnson & Johnson (JNJ Quote) said Monday it will buy cosmetic-product and breast-implant maker Mentor (MNT Quote) for $1.07 billion in a move to boost its presence in cosmetic and reconstructive medicine.

Under the deal, J&J will start a cash tender offer for $31 per share in a move to add breast implants and other products to its Ethicon surgical products unit. The offer is nearly double Mentor's closing price of $16.15 on Friday.

Mentor shares are up $13.85, or 85.8%, to $30 in premarket trading.

"The addition of Mentor, a market-leader and one of the most respected companies in the aesthetic space, expands our capacity to provide physicians with products that can restore patients' appearance, self-esteem and quality of life," said Alex Gorsky, company group chairman at J&J with responsibility for the Ethicon unit. ...