Laser Power's Board Backs II-VI's Offer
PITTSBURGH, June 16 -- Laser Power Corp.'s board of directors have said that II-VI Inc.'s offer is better than Union Miniere's offer. Laser Power has given Union Miniere two business days to make a counter-offer or face termination of the previous merger agreement between the two companies.
II-VI has offered to purchase all of Laser Power's outstanding stock, each share receiving .052 shares of II-VI common stock as well as $2.32 in cash. This equals $4.76 per share based on the market price of II-VI common stock ended June 14, 2000. II-VI's guaranteed floor price of $4.10 per share will be paid with a combination of cash and/or II-VI common stock if the volume weighted average trading price of II-VI common stock is less than $34.23 per share for the 12 trading days prior to the closing of the exchange offer.
Because of the recent announcement by Laser Power's board, II-VI has extended its offer until 11:59 P.M. tonight.
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