EYE fell over 7% in the week leading up to the company's third quarter earnings release in anticipation of continuing fallout from the May 2007 recall of the Complete contact lens solution. While a new version of the product was on the shelves less than 90 days after the recall, the damage control has continued to negatively impact AMO's earnings. As expected, AMO posted a $25.9 million loss in the quarter.
EYE made an offer for Bausch & Lomb at $75 per share on July 5. However, EYE's third largest shareholder. ValueAct Capital opposed the acquisition bid a week later. EYE officially withdrew its bid on August 2. A private equity firm eventually bought Bausch & Lomb in late October 2007 for $4.5 billion (including $830 million in debt).