Huenenberg, Switzerland-Alcon Inc. had gained control of 76.9% of WaveLight’s approximately 6.6 million issued and outstanding shares as of Sept. 28.
Huenenberg, Switzerland-Alcon Inc. had gained control of 76.9% of WaveLight’s approximately 6.6 million issued and outstanding shares as of Sept. 28. As required by the German Security Purchase and Take-over Act, an additional 2-week acceptance period began Sept. 29 and will continue through Oct. 12.
“We expect more WaveLight shareholders will accept our offer during this additional 2-week acceptance period,” said Cary Rayment, Alcon’s chairman, president, and chief executive officer (CEO).
The company has received approvals from the competition authorities in Germany and Austria and is awaiting cartel clearances in China, Cyprus, and Spain prior to closing of the transaction.
“Once we obtain the other regulatory approvals, we can begin the process of integrating WaveLight with Alcon’s existing refractive business,” Rayment said.
Alcon had amended its original acquisition offer, removing the minimum acceptance threshold level of 75% and extending the tender offer period to Sept. 25. The company was offering €15 per WaveLight share, a 100% premium on the 1-month (€7.49) and a 118% premium on the 3-month (€6.88) volume-weighted average stock exchange price as of the July 16 publication of the decision to launch the tender offer.
Through Sept. 25, about 3.1 million WaveLight shares were tendered to Alcon, equal to 47.1% of the issued and outstanding WaveLight shares. Additionally, Alcon legally acquired 1.96 million WaveLight shares, or 29.9% of the issued and outstanding shares, either on the stock market or through direct purchase.
“Alcon’s friendly takeover offer is in the best interest of WaveLight shareholders, and I am glad that the offer reached such a high level of acceptance,” said Max Reindl, WaveLight’s CEO.
For the latest information, see http://www.alcon.com/investors-media/us-canada.asp.