Alcon Acquiring WaveLight
HUENENBERG, Switzerland, July 17, 2007 -- Eye-care company Alcon Inc. announced yesterday that it intends to acquire Germany-based medical technology company WaveLight AG through a "friendly takeover" that will merge the two companies.
Alcon said it will offer €10 (about $14) per share in cash for all WaveLight shares, representing a 45 percent premium over the three-month weighted average price of the stock. The offer values Wavelight's total shares at approximately €65 million (about $89.5 million).
WaveLight manufactures refractive laser and diagnostic systems used for vision-correcting refractive eye surgery and cataract surgery; its headquarters are in Erlangen, Germany.
Alcon Chairman, President and CEO Cary Rayment said the acquisition will better support its cataract and refractive customers by providing additional clinical solutions and laser technology.
Wavelight said its executive committee supports the transaction, which is still subject to regulatory approval, and will recommend acceptance of the offer to the company's shareholders.
Alcon, of Huenenberg, manufactures pharmaceuticals, surgical equipment and devices, contact lens care solutions and other vision-care products. The company's majority stockholder is Switzerland-based conglomerate Nestlé, the world's largest food company.
Alcon and Wavelight said they expect Max Reindl will continue as WaveLight’s chairman of the executive committee. In addition, he will serve with Alcon management on a committee to develop plans to merge the businesses.
In other Alcon news, the company announced today that Nestlé executive Richard Croarkin has been named its senior vice president and CFO, effective Aug. 1. Croarkin is currently executive vice president, finance and CFO of Nestlé Waters North America. Prior to joining Nestlé in 1994, Croarkin worked for 11 years at Pepsico Inc., where he served in a number of senior financial positions, including as CFO of Pepsi Latin America and Pepsi Canada.
For more information, visit: www.alconinc.com
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