Thermo Electron Reconsidering Spectra-Physics Offer

WALTHAM, Mass., Sept 27 -- Thermo Electron Corp. said it is reconsidering its plan to take its Spectra-Physics Inc. unit private for $20 a share, due to worsening economic conditions. The company, which already owns 80 percent of the lasers and optical equipment builder, said it expects to complete its reconsideration in the next four to six weeks.

"The company is taking this action in order to analyze the impact on Spectra-Physics of the worsening economic conditions associated with the recent terrorist attacks," Thermo Electron said in a statement. Last month, the company said it planned to pay $20 a share for Spectra-Physics as part of a restructuring announced early last year.