July 16, 2007, Huenenberg, Switzerland--Alcon, the world's largest eye-care company, says it intends to acquire eye-laser manufacturer WaveLight AG (Erlangen, Germany) through what is being called a "friendly takeover". WaveLight develops, manufactures and markets innovative refractive laser and diagnostic systems, including the Allegretto laser system for refractive eye surgery.
Alcon will offer EUR10/share (US$13.80) in cash for all issued WaveLight shares. This offer will provide a 34% premium on the one-month (EUR 7.49), and a 45% premium on the three-month (EUR 6.88), volume weighted average stock exchange price of WaveLight shares during the respective months prior to the publication of this decision to launch the offer.
The Allegretto laser has a global installed base of more than 800 units and offers the fastest ablation speed on the market today, is very easy to use, and provides excellent and consistent clinical outcomes. The addition of this advanced technology and the combination of the two companies' capabilities will further reinforce Alcon's leadership in the important surgical channel represented by surgeons who perform both intraocular lens implantation and laser refractive surgery.
"This acquisition will provide additional clinical solutions and laser technology to better support our cataract and refractive customers," said Cary Rayment, Alcon's chairman, president and CEO. "We look forward to welcoming the WaveLight team and believe the combination of the Allegretto laser with our premium lenses, the AcrySof ReStor and AcrySof Toric intraocular lenses, and our future launch of the AcrySof phakic lens in Europe enhances Alcon's product portfolio in the cataract/refractive surgeon channel."
The parties intend for Max Reindl to continue as WaveLight's Chairman of the Executive Committee. In addition, he will be a member of an operating committee with Alcon management in the development of the integration plans, thereby, capitalizing on the capabilities of both companies.