Alcon revises tender offer for WaveLight

Huenenberg, Switzerland-Alcon Inc. has modified its offer for WaveLight AG by waiving the minimum tender offer acceptance threshold of 75% of all outstanding shares for the German company. As of Sept. 21, Alcon held 73.5% of WaveLight shares via purchase, contractual commitment, or tender. Per the amendment, the offer of €15 per share ($20.81 US) was in effect until Sept. 25.

The latest offer price signifies a 100% premium on the 1-month (€7.49) volume weighted average stock exchange price that went into effect with announcement of the decision to submit the tender offer this past July. A joint recommendation issued in August by WaveLight AG's executive committee and supervisory board stated strong support for Alcon's tender offer and recommended that WaveLight's shareholders tender their shares to Alcon.

"With the announcement . . . from Carl Zeiss Meditec AG that it will not proceed with a competitive offer and will tender its shares, we are confident that shareholders will now fully recognize the unique opportunity our very attractive offer provides," said Cary Rayment, Alcon president, chairman, and chief executive officer. "Extending the offer period allows WaveLight shareholders to process the new information and take appropriate steps to tender their shares."

"After carefully considering a possible takeover of WaveLight and assessing the resulting synergies that could be expected, we have decided not to pursue this option any further," said Bernd Hirsch, chief financial officer of Carl Zeiss Meditec AG. "Therefore, we will tender our share package at the terms of the existing voluntary, public tender offer."

In other news from Alcon, the company said it plans to set up Fribourg, Switzerland, as the primary location for expanding the company's Swiss-managed global administration operations. Relocation will involve finance, information technologies, logistics, and other centralized administrative divisions from Huenenberg to Fribourg. It also includes a new European marketing management center in Geneva. Local Swiss sales and marketing developments would continue in Huenenberg.

In additional news from Alcon, Andre Bens, PhD, senior vice president, global manufacturing and technical operations, will retire effective Jan. 1. Ed McGough, current vice president of manufacturing and pharmaceutical operations, will succeed Dr. Bens on his retirement.