II-VI Launches Offer for Laser Power Shares

PITTSBURGH, July 17 -- In connection with their June 28 agreement and merger plan, II-VI Inc., in conjunction with Laser Power Corp., has announced an exchange offer for all outstanding shares of common stock including the associated rights to purchase preferred stock of Laser Power Corp. II-VI will exchange all outstanding shares of Laser Power common stock for 0.52 shares of II-VI common stock plus $2.89 in cash, with a floor price of $5.15 per share and a ceiling price of $5.65 per share, for each share of Laser Power common stock that has been validly tendered and not properly withdrawn. The offer expires at midnight, Eastern Time, on August 10 unless extended, said II-VI.
The number of II-VI shares to be issued in the exchange is based on the volume weighted average trading price of II-VI common stock for the 12 trading days prior to the closing of the offer.
II-VI will acquire the remaining Laser Power shares in a merger in which each share of Laser Power common stock will be converted into the right to receive the same consideration being paid for shares tendered in the offer. Payment for shares appropriately tendered and accepted will be made as quickly as possible after the expiration date, the company said.