Alcon Inc. plans friendly takeover of WaveLight AG

Huenenberg, Switzerland-Alcon Inc. has announced plans to acquire refractive surgery technology company WaveLight AG of Erlangen, Germany, through a friendly takeover.

According to statements issued by both companies, Alcon will offer the current equivalent of approximately $13.82 US per share in cash for all issued WaveLight shares, representing a 34% premium on the 1-month volume weighted average stock exchange price and a 45% premium on the 3-month volume weighted average stock exchange price of WaveLight shares during the respective months prior to the announcement. The WaveLight Executive Committee has expressed full support of the transaction and will recommend that shareholders accept it subject to review of the published tender offer document.

WaveLight was founded in 1996 and went public in 1999. The company develops, manufactures, and markets refractive laser and diagnostic systems, including a laser system (Allegretto) of which 800 units have been installed worldwide.

Alcon, with a 60-year presence in the ophthalmic industry, expects that the addition of this technology to its portfolio of pharmaceuticals, surgical equipment and devices, and other vision-care products, will strengthen the company’s role with surgeons who implant IOLs and perform laser refractive surgery, according to Cary Rayment, Alcon’s chairman, president, and chief executive officer (CEO).

“This acquisition will provide additional clinical solutions and laser technology to better support our cataract and refractive customers,” Rayment said.

Max Reindl, WaveLight’s founder and CEO, said, “We are convinced that the combination of Alcon’s global commercial infrastructure with WaveLight’s technological capabilities will create the foundation for continued growth within the refractive surgery channel.”

Reindl is expected to continue as chairman of WaveLight’s executive committee. In addition, as a member of an operating committee with Alcon managers, he will help develop plans to integrate the two companies.

The takeover offer will be contingent on the fulfillment of certain customary terms and conditions, including a minimum acceptance threshold of 75% of WaveLight’s issued shares and approval by relevant merger control authorities.