II-VI Reiterates Proposal to Laser Power
PITTSBURGH, Sept. 29 -- II-VI Inc. has sent another letter to the board of directors of Laser Power Corp. reiterating II-VI's desire to acquire each share of Laser Power stock for $3.00 in cash and II-VI stock. Expressing his disappointment in Laser Power's response to the II-VI proposal, Francis J. Kramer, president and COO of II-VI, said, As we noted in our letter to Laser Power's board of directors, they have not articulated any specific plans for increasing shareholder value. The II-VI proposal, on the other hand, does just that for the Laser Power shareholders. We would hope that Laser Power's board of directors would take sufficient time to reconsider its position and seriously evaluate our proposal.
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