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Alcon waives minimum acceptance condition for WaveLight

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HUENENBERG, Switzerland — Alcon has amended its tender offer for WaveLight by waiving the minimum acceptance threshold of 75% of all outstanding WaveLight shares, Alcon announced in a press release.

The amendment also extends the Euro 15 per share offer to Sept. 25. The price represents a 100% premium on the 1-month volume-weighted average stock exchange price of Euro 7.49 as of the publication of the decision to launch the tender offer on July 16, according to the release.

Alcon's bid has already been endorsed by WaveLight's executive committee and supervisory board, which described the offer as "very attractive," according to an earlier Alcon press release.

As of Sept. 10, Alcon held 53.6% of WaveLight shares through purchase, contractual commitment or tender.

Additionally, Carl Zeiss Meditec, which owns approximately a 5% stake in WaveLight, recently announced that it will tender all of its WaveLight shares to Alcon at the Euro 15 per share tender offer price, the release said.

"With the announcement last week from Carl Zeiss Meditec AG that it will not proceed with a competitive offer and will tender its shares, we are confident that shareholders will now fully recognize the unique opportunity our very attractive offer provides," said Cary Rayment, Alcon's president, chairman and chief executive officer, in the release. "Extending the offer period allows WaveLight shareholders to process the new information and take appropriate steps to tender their shares."