Alcon independent director committee issues Novartis response

Alcon’s independent director committee has issued a response to comments made yesterday (January 4th) by Novartis, regarding the pharmaceutical company’s intention to gain full ownership of Alcon.

The body said that it believes Alcon has established a number of “important protections” for the benefits of its minority shareholders against a coercive takeover bid.

It added that it has been a majority-controlled entity since it was established as a public firm in 2002, noting that its governing documents contain these protections.

Among them is Article V, Section 5 of Alcon’s Organisational Regulations, which calls for a range of transactions – including any proposed merger with a majority shareholder – to be approved by a panel of independent directors.

“While Novartis has expressed its view that the merger proposal is fair, the independent director committee and its advisors will inform the Alcon shareholders of its formal position once the committee and its advisors complete their evaluation,” it concluded.

Last month, Alcon announced plans to acquire Optonol and enter the surgical glaucoma market.