Alcon proceeds with WaveLight deal

Huenenberg, Switzlerland-Alcon Inc. had gained control of 76.9% of WaveLight's approximately 6.6 million issued and outstanding shares as of Sept. 28. The German Security Purchase and Take-over Act also required an additional 2-week acceptance period, Sept. 29 to Oct. 12, during which time Alcon expected to acquire additional shares from WaveLight shareholders.

The company received approvals from the competition authorities in Germany and Austria and was 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," said Cary Rayment, Alcon's chairman, president, and chief executive officer (CEO).

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. I am glad that the offer reached such a high level of acceptance," said Max Reindl, WaveLight's CEO.