Alcon tender offer endorsed by WaveLight board

Alcon has announced that it has received a joint recommendation for its tender offer for WaveLight from that company’s executive committee and its supervisory board.

The committee and board of WaveLight have stated “strong support” for the tender offer and recommended that shareholders in the company accept the offer and tender their shares to Alcon.

Alcon has offered a price of 15 euros (10.2 pounds) for each share, a 50 per cent premium over its initially announced offer and one described by the board of WaveLight as “very attractive”.

The acceptance period for this tender offer began on August 13th 2007 and will run until September 11th 2007, while Alcon reports an intention to acquire a minimum of 75 per cent of WaveLight shares as a result of this offer.

Alcon currently owns or has contractual commitments for over 19 per cent of WaveLight’s issued shares.

Cary Rayment, chairman, president and chief executive officer of Alcon, earlier this month said: “We believe that this compelling offer is a unique opportunity for WaveLight’s employees, customers and shareholders.”

Mr Rayment correctly predicted that the executive committee would support this revised offer.

Last month, Alcon announced an offer of ten euros per share for WaveLight stock, a 45 per cent premium on its three-month average stock exchange price.