Cooper will pay about $1.2 billion to acquire the contact lens maker. The deal will be financed through off-shore cash and credit facilities, and is expected to close by the end of the fiscal year on Oct. 3
"We are extremely pleased to announce this acquisition which gives CooperVision the world's most comprehensive portfolio of daily disposable lenses," Cooper president and CEO Robert S. Weiss said in a press release. "CooperVision will now be able to offer a multi-tier daily strategy that includes a full suite of silicone hydrogel and hydrogel lenses, including options within all categories -- spheres, torics and multifocals. The daily segment is the fastest growing segment of the soft contact lens market and this transaction positions CooperVision as the premier company in this space."
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TheStreet Ratings team rates COOPER COMPANIES INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate COOPER COMPANIES INC (COO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."