BRUSSELS, Belgium, June 6 -- Laser Power Corp. has agreed to an all-cash merger with Union Miniere S.A. (UM). The first step of the merger requires Union Miniere USA Inc. (UMI), a wholly-owned subsidiary of UM, to make an offer for all of Laser Power's outstanding shares at $4 per share, or approximately $38.7 million (US).
UMI has held a minority beneficial interest in the equity of LPC since 1987 and currently holds 957,795 shares -- or about 10 percent -- of LPC. The boards of both UMI and LPC unanimously approved the transaction
Conditions of the merger remain subject to the approval of the US Department of Defense and the Committee on Foreign Investments in the US.