07:15 AM EST, 12/11/2024 (MT Newswires) -- Blackstone (BX) has decided not to proceed with a joint takeover bid for eyecare company Bausch + Lomb ( BLCO ) , the Financial Times reported Wednesday, citing people familiar with talks.

The report said that Blackstone, who initially partnered with TPG (TPG) in October to explore a bid, reportedly backed out due to high price expectations from the seller.

With Blackstone likely to exit the consortium, the chances of a successful deal have diminished, The report said, citing sources.

Negotiations were still underway as recently as last week, with Bausch + Lomb's ( BLCO ) board, which includes major shareholders like John Paulson and a representative from activist investor Carl Icahn, seeking a bid significantly above $20 per share, the report said, adding TPG and Blackstone resisted these terms.

The company, which has experienced about 20% year-on-year sales growth over the past four quarters, remains confident in its continued success even if the deal doesn't'proceed, two people told the Financial Times.

Blackstone, TPG, and Bausch + Lomb ( BLCO ) didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)