December 1, 2008 Johnson & Johnson buying Mentor for $1.07B

NEW YORK (AP) - Health care products company Johnson & Johnson says it will buy the medical products supplier Mentor for $1.07 billion in a move to boost its presence in cosmetic and reconstructive medicine.

Santa Barbara, Calif.-based Mentor Corp. is known for cosmetic surgery products such as the wrinkle treatment Botox and breast implants.

Under the deal announced Monday, New Brunswick, N.J.-based J&J will start a cash tender offer of $31 per share for Mentor. That's nearly double Mentor's closing price of $16.15 on Friday.

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

(Copyright 2008 by The Associated Press. All Rights Reserved.)