Search
Menu
Bristol Instruments, Inc. - 872 Series LWM 10/24 LB

II-VI Counters Union Miniere's Offer to Laser Power

Facebook X LinkedIn Email
PITTSBURGH, June 5 -- In a move to outbid Union Miniere, II-VI Inc. has offered to purchase all of Laser Power's outstanding stock: each share receiving .052 shares of II-VI common stock as well as $2.32 in cash. This would equal a value of $4.25 per share based on the closing market price of II-VI common stock on June 2, 2000. This represents a premium over the offer made by Union Miniere.
II-VI guaranteed a floor price of $4.05 per share to be paid with a combination of cash to Laser Power's stockholders. This price is to be paid with a combination of cash and/or II-VI stock if the volume weighted average trading price of II-VI common stock is below $33.27 per share for the 20 trading days before the closing of the exchange offer. The offer has a ceiling of $5.00 per share.
Our offer represents substantially greater value for Laser Power's stockholders than Union Miniere's current proposal with appropriate downside protection, said Fran Kramer, president and COO of II-VI. Our transaction is in the best interests of both Laser Power's and II-VI's stockholders. We think the potential synergies of the transaction are significant. We believe that the transaction will result in increased operating efficiencies and productivity.
PI Physik Instrumente - Space Qualified Steering MR LW 12/24

Published: June 2000
News & FeaturesLasers

We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.