The takeover of WaveLight AG, Erlangen, by Alcon Inc., Hünenberg, Switzerland, which was advised by Network Corporate Finance, has been completed following the transfer resolution and the delisting of the company.
Transaction
Alcon, Inc. (“ALCON”), Hünenberg, Switzerland, held approximately 77.4% of the shares in October 2007 following the completion of the public takeover bid made to the shareholders of WaveLight AG (“WaveLight”) in the summer of 2007. Further share acquisitions in the summer of 2009 resulted in the 95% threshold being exceeded. ALCON subsequently submitted a request to the Board of Directors for a vote on the transfer of the minority shareholders’ shares. At the end of August 2009, the Annual General Meeting passed the resolution on the transfer. As a result, the company was delisted.
Target Company
WaveLight AG has been regarded for many years as the undisputed technology leader in the field of laser and diagnostic systems for refractive surgery and has successfully expanded its presence in the ophthalmology markets with a total installed base of over 800 laser systems worldwide. An innovative and technologically advanced product range, combined with a broad sales network comprising its own subsidiaries and strategic partners, forms the basis of WaveLight’s global market success.
Key Facts
| Transaction value: | n.a. |
| Sector: | Medical technology |
| Sales: | EUR 91 Mio. (2007/2008) |
| Employees: | 171 |
| Date: | August 2009 |
The role of Network Corporate Finance
Network Corporate Finance has acted as the exclusive financial adviser to WaveLight AG since ALCON announced its intention to launch a takeover bid. Since the offer was finalised in October 2007, we have advised the Management Board on all capital market-related matters concerning the takeover bid, the proposed acquisition of a majority stake and the resolution on the transfer. In addition to reviewing alternative capital measures, this also included the preparation for and support during the Annual General Meetings.
