Spectra-Physics: Neutral Position on Buyout Offer

A special committee appointed by the board of directors at Spectra-Physics Inc. in Mountain View, Calif., has taken a neutral position on a Nov. 16 offer by parent Thermo Electron Corp. of Waltham, Mass., to purchase all outstanding Spectra-Physics stock at $17.50 per share. The committee's findings appear in a Schedule 14D-9 that the company filed with the Securities and Exchange Commission on Nov. 30 and mailed to stockholders.

According to the filing, Thermo Electron plans to begin the merger after Feb. 22, pursuant to Section 203 of Delaware General Corporation Law. It acquired 80.4 percent of Spectra-Physics in February 1999 with its purchase of Spectra-Physics AB of Stockholm, Sweden.