II-VI Inc. of Saxonburg, Pa., issued a public proposal to acquire Laser Power Corp. of San Diego. II-VI offered shareholders cash and stock with a total value of $3 for each share of Laser Power common stock. Laser Power's board of directors responded the same day with a refusal, claiming that the offer did not reflect the company's
II-VI answered with the purchase of 14.7 percent of Laser Power common stock at $2.20 per share, an action that the company described in a Schedule 13D filing with the Securities and Exchange Commission as a move to facilitate its acquisition of Laser Power.
In a related development, Union Miniere Inc. of Lakewood, Colo., has filed a Schedule 13D statement, reporting that it has accumulated 14.3 percent of Laser Power. As a result, Richard C. Laird, a director and executive vice president at Union Miniere, resigned from his post on Laser Power's board of directors.
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