II-VI Revises Laser Power Offer; Extends Deadline
PITTSBURGH, Aug. 8 -- II-VI Inc. has modified its exchange offer to Laser Power Corp.'s stockholders and has extended the expiration date until 11 August at 12:00 midnight, Eastern time. II-VI is offering to exchange .052 share of its common stock and $2.89 in cash for each outstanding share of Laser Power common stock (including the associated rights to purchase preferred stock).
II-VI's guaranteed aggregate floor price of $5.15 per share to Laser Power stockholders will be calculated by reference to the twelve trading days ending three trading days prior to the expiration date of the offer. If the weighted average market price of II-VI common stock is less than $43.46 at that date, then II-VI will pay .052 share of II-VI common stock plus cash to meet the guaranteed floor price.
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