SACRAMENTO, Calif., June 25 -- In a unanimous vote, the Board of Directors of Ophthalmic Imaging Systems (OIS) rejected Premier Laser Systems, Inc.'s proposal to acquire the balance of approximately 49 percent of OIS shares not currently owned by Premier. Premier's non-binding proposal offered $0.85 worth of Premier Class A Common Stock for each outstanding share of OIS stock. The offer was contingent upon several factors, among them Premier's share value being at least $2.00 per share for the measurement period.
Steven R. Verdooner, president of OIS, stated, We have been working closely with Premier for some time, and we see a number of potential synergies and other benefits that might come from a combination of the companies. While our Board of Directors concluded that this offer was not adequate, we plan to continue discussions with Premier and are in the process of engaging a financial advisor to assist us in any further negotiations.