Alcon Completes Tender Offer for Summit Autonomous Inc.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--July 3, 2000 Alcon Holdings Inc. announced today that its tender offer to acquire all the outstanding shares of Summit Autonomous Inc. common stock, at a purchase price of $19.00 per share in cash, expired at midnight Friday, June 30, 2000. Approximately 40.6 million shares (or 86% of the outstanding shares), including approximately 2.5 million shares tendered pursuant to guaranteed delivery procedures, were validly tendered and accepted for payment. Payment for these shares will be made promptly. Alcon now plans to acquire the remaining outstanding shares of common stock of Summit Autonomous Inc. through a second-step merger. Summit Autonomous will call a special meeting of its stockholders as soon as practicable for the purpose of approving the merger agreement. Because Alcon acquired more than two-thirds of the outstanding common stock in the tender offer, Alcon will be able to approve the merger agreement without the affirmative vote of any other Summit Autonomous stockholder. The second-step merger will be consummated soon after stockholder approval. Shares not purchased in the tender offer (other than shares owned by stockholders, if any, who are entitled to and who properly exercise appraisal rights Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. under Massachusetts law) will be converted, upon completion of the merger, into the right to receive $19.00 per share in cash. After the merger becomes effective, a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. to be used for surrendering certificates in exchange for the cash payment will be sent to holders of record who did not tender their shares in the tender offer. Alcon expects that this process will take several months. Alcon and Summit Autonomous Inc. entered into the merger agreement May 26, 2000. Alcon is the global leader in the research, development, manufacture and marketing of ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. products, including surgical instruments A surgical instrument is a specially designed tool or device for performing specific actions of carrying out desired effects during a surgery or operation, such as modifying biological tissue, or to provide access or viewing it. and accessory products, intraocular lenses Intraocular lens Lens made of silicone or plastic placed within the eye; can be corrective. Mentioned in: Cataract Surgery , prescription drugs prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, and contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. care solutions. Alcon is a subsidiary of Nestle SA. Founded in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. in 1947, Alcon now employs more than 10,000 individuals around the world. Total sales for 1999 were $2.4 billion, with activity in more than 170 markets. One of the cornerstones of Alcon's success is its commitment to research and development. Housed at the company's headquarters in Fort Worth is the 400,000 square-foot William C. Conner Research Center, the largest and most sophisticated eye research center in the world. Over the next five years, Alcon plans to spend more than $1 billion on eye-related research, more than any entity outside of the National Eye Institute. |
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