Network Corporate Finance provided comprehensive advice to WaveLight AG, Erlangen, in the matter of the voluntary, public takeover bid by US American Alcon Inc., Hünenberg, Switzerland.

#Key data

Industry: Healthcare
Project type: Capital Market Transactions
Description: Defense advisory
Date: August 2007


On 16th July 2007, Alcon, Inc. ("ALCON"), Hünenberg, Switzerland, published its decision to submit to all shareholders of WaveLight AG ("WaveLight") a voluntary, public takeover bid to purchase their shares in accordance with the securities takeover Act ("WpÜG"). The majority shareholder of Alcon, Inc. is Nestlé S.A.

With the offer document of 10th August 2007, ALCON offered the shareholders of WaveLight a purchase price of EUR 15.00 for each WaveLight share, which is equal to a total enterprise value of EUR 99 million.


Target Company

WaveLight AG develops, produces and sells a complete range of high-quality products in the ophthalmology sector and has positioned itself as a specialist in optics of the eye. WaveLight's success in global markets is based on an innovative and leading-edge product range and an extensive sales network with own subsidiaries and strategic partners.

For years WaveLight AG has been the undisputed technology leader in the field of laser and diagnostic systems for refractive surgery and, with a total of over 800 laser systems installed worldwide, has successfully expanded its presence in ophthalmology markets.


Key facts

Transaction value: EUR 99 million
Sector: Medical technology
Sales: EUR 73 million (2006/2007)
Employees: 226
Date: October 2007


The role of Network Corporate Finance

Network Corporate Finance acted as exclusive financial advisor to WaveLight AG. We have provided the management board with comprehensive advice with regard to the takeover, and for the management board and supervisory board, have prepared a statement regarding the financial appropriateness of the offer ("Fairness Opinion").

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