(Reuters) -Bausch + Lomb will not be taken private at this time, the contact lens maker said on Thursday, sending its U.S.-listed shares down 7% to $16.50 in premarket trading.
The company had said in December it was exploring a potential sale and other options to help its Canadian parent Bausch Health to exit the eye-care company.
The contact lens maker said on Thursday taking it private with a third-party buyer was one of several options it was exploring to complete a full separation from the parent company.
However, such a deal will not happen at this time, it said, adding that the full separation remains the goal.
In 2022, Bausch Health separated Bausch + Lomb into another publicly listed company, but retained a majority stake, of 88.08% stake, according to data compiled by LSE.
The Financial Times reported in October that private equity firms TPG and Blackstone (NYSE:BX) were working on a joint bid to take the company private for up to $11.5 billion, including debt.
However, in December, the newspaper reported on Blackstone's cooling interest on taking part in the joint takeover bid for the eye care company.