Blackstone likely to drop out of consortium bidding for Bausch + Lomb, FT says

Blackstone (BX) is likely to drop out of a consortium taking part in a takeover bid for eyecare company Bausch + Lomb, The Financial Times’ Oliver Barnes and Antoine Gara report. According to people familiar with the matter, Blackstone had teamed up with TPG (TPG) to explore a bid for Bauch, but Blackstone “balked” at the price expectations, reducing the odds of a deal. Bausch Health (BHC) had been trying to spin off Bausch + Lomb as a listed company but the process faltered as Bausch Health creditors, including Apollo Global (APO), Elliott Management and GoldenTree Asset Management, worried over the impact it would have on the parent company’s balance sheet, according to the report.