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Summit Acquires Autonomous Technologies

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WALTHAM, Mass., April 30 -- Summit Technology, Inc. has concluded its acquisition of Autonomous Technologies Corp. with the approval of shareholders of both companies. As a result of the acquisition, stock for Autonomous will no longer be traded on NASDAQ.
The total value of cash and stock actually issued to Autonomous stockholders is approximately $224 million, based on the average Summit closing price of the five days prior to the closing. Shareholders of Autonomous will receive .727 shares of Summit common stock and $3.04 in cash for each share of Autonomous common stock held. The total consideration paid by Summit will be approximately 11.2 million shares of Summit common stock and $46.8 million in cash.

Photonics.com
Apr 1999
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