Laser Power Rejects II-VI Merger Proposal

SAN DIEGO, Sept. 28 -- Laser Power Corp. has declined II-VI Inc.'s proposal to negotiate a merger of the two companies. The only merger term publicly disclosed was II-VI's offer of consideration with a combined stated value of $3.00 per share of Laser Power common stock, half in cash and half in II-VI stock. Following a review by Laser Power's board of directors, board chairman Robert G. Klimasewski responded that neither the written proposal nor the oral proposals presented previously adequately reflected Laser Power's inherent value.