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Novartis completes takeover of Alcon
By Katie Reid |
December 16, 2010, Thursday
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Print Edition
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NOVARTIS AG has wrapped up its long-awaited buyout of the remainder of US-listed Alcon Inc it didn't own for US$12.9 billion, after sweetening its original offer with a cash element.
The Swiss drugmaker has been trying to clinch 100 percent ownership in Alcon since the start of the year, but its original all-paper offer of 2.8 Novartis shares for each Alcon share met with stiff resistance from Alcon's Independent Director Committee, which repeatedly dismissed it as "grossly inadequate."
Novartis also said it was restarting a 10 billion Swiss franc (US$10.3 billion) share buyback program, suspended in April 2008, to minimize dilution to Novartis shareholders.
The merger consideration will now include up to 2.8 Novartis shares and, if necessary, be topped up with cash to ensure that each Alcon shareholder gets US$168 per Alcon share, Novartis said yesterday.
The group added that if the value of 2.8 Novartis shares is more than US$168, the number of Novartis shares will be reduced accordingly.
The Swiss drugmaker has been trying to clinch 100 percent ownership in Alcon since the start of the year, but its original all-paper offer of 2.8 Novartis shares for each Alcon share met with stiff resistance from Alcon's Independent Director Committee, which repeatedly dismissed it as "grossly inadequate."
Novartis also said it was restarting a 10 billion Swiss franc (US$10.3 billion) share buyback program, suspended in April 2008, to minimize dilution to Novartis shareholders.
The merger consideration will now include up to 2.8 Novartis shares and, if necessary, be topped up with cash to ensure that each Alcon shareholder gets US$168 per Alcon share, Novartis said yesterday.
The group added that if the value of 2.8 Novartis shares is more than US$168, the number of Novartis shares will be reduced accordingly.
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