Alcon's tender offer for WaveLight approved by German financial authority

HUENENBERG, Switzerland — The German Federal Financial Supervisory Authority has approved the publication of Alcon's tender offer document for WaveLight AG, Alcon announced in a press release.

The two companies previously executed a business combination agreement in mid-July. The tender offer represents the second step in completing Alcon's acquisition of WaveLight, according to the release.

Alcon currently either owns on a settled basis or has contractual commitments for approximately 16% of WaveLight's issued shares. The company intends to increase its stake in WaveLight to at least 75% through the tender offer process.

In response to recent trading activity, Alcon has also increased its previously announced offer for WaveLight from Euro 10 per share to Euro 15. The offer provides a 100% premium on the 1-month (Euro 7.49) and a 118% premium on the 3-month (Euro 6.88) volume-weighted average stock exchange price of WaveLight shares during the respective months prior to the publication of the decision to launch the offer on July 16, according to the release.

"We believe that this compelling offer is a unique opportunity for WaveLight's employees, customers and shareholders and that WaveLight's Executive Committee will strongly support Alcon's offer and will recommend acceptance of the offer to its shareholders, upon review of the final tender offer document," said Cary Rayment, Alcon's chairman, president and CEO, in the release.

The acceptance period for Alcon's tender offer begins today and will conclude on Sept. 11, the release said.

The tender offer document is available through Alcon's Web site at www.alconrefractiveacq.de.