II-VI Finalizes Exchange Offer for Laser Power

PITTSBURGH, Aug. 16 -- II-VI Inc. has completed its exchange offer for all of the outstanding shares of Laser Power Corp.'s common stock.
Laser Power had offered $7.25 million shares of its stock, including about 150,000 upon notice of guaranteed delivery, as of the Aug. 11 deadline. II-VI's now owns about 88 percent of the total outstanding shares of Laser Power, compared with 13 percent ownership before the exchange offer. II-VI is exchanging $3.08 in cash and .052 shares of II-VI common stock for each Laser Power share tendered.