II-VI Completes Exchange Offer for Laser Power
II-VI Inc. of Saxonburg, Pa., increased its ownership in San Diego-based Laser Power Corp. from 13 percent to 88 percent in a stock exchange offer. II-VI agreed to exchange $3.08 in cash and 0.052 shares of II-VI common stock for each Laser Power share tendered. The companies will merge fully after II-VI acquires the remaining shares of Laser Power.
Laser Power had agreed in June to merge with an electro-optic materials business unit of Union Miniere SA of Brussels, Belgium, in an all-cash offer of $4.40 per share. Union Miniere was outbid by II-VI, however, and declined to match its offer. As a result of its action, II-VI further agreed to pay Laser Power $2.5 million to compensate it for a $2 million termination fee to Union Miniere.
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