Alcon takes another step towards WaveLight acquisition

The German Federal Financial Supervisory Authority has approved publication of Alcon's tender offer document for WaveLight AG. This tender offer marks the second step in the completion of Alcon's acquisition of WaveLight.

Alcon hopes to increase its stake in WaveLight from 16% of issued shares to at least 75% and, in response to recent trading activity, Alcon has increased its previously announced offer for WaveLight from €10 to €15 per share. The tender offer acceptance period closes on 11th September, 2007.

Alcon isn't the only firm to express an interest in WaveLight, however. Carl Zeiss Meditec has also acquired a 5% shareholding in the firm. The company says that the acquisition of stock demonstrates its interest in a possible voluntary takeover offer. Zeiss believes any takeover would be based on the future earning potential of Wavelight and the possible benefits that could arise from combining the two businesses.

On 20th August, WaveLight's Executive Committee and Supervisory Board recommended that shareholders tender their shares to Alcon.