Swiss drugs company Novartis is pushing on with its controversial buyout of Alcon after completing the acquisition of Nestlé stock in the United States eyecare group.
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Novartis, which now has a 77 per cent stake in Alcon and a majority on its board, has been trying to buy the remaining 23 per cent in Alcon since exercising its option to buy the food group’s stake in January.
Alcon’s Independent Director Committee has dismissed the Novartis offer for the minority stake as low and repeated on Thursday it could take legal action to secure a better price.
Novartis is offering Alcon minority shareholders 2.8 Novartis shares for each Alcon share, an offer that is around 16 per cent lower than the average price of $168 (SFr173 ) it paid to Nestlé in an all-cash deal worth $38.7 billion.
Basel-based Novartis has said it has made a “full and fair” offer and that its bid must be fair to both Novartis and Alcon shareholders.
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Novartis to pay millions for sex discrimination
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The damages are to be divided between about 5,600 women employees of the Novartis Pharmaceuticals Corporation, a United States affiliate of the Novartis group, covered by the 2004 class action lawsuit. Another $3.36 million in compensatory damages was awarded to 12 former sales reps who testified on behalf of others in the joint suit. On…
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Pharmaceutical giant Novartis announced last week that it would complete the acquisition of Nestlé’s controlling stake in Alcon. But a plan to buy out the remaining 23 per cent of shares has been met with a legal challenge. Minority shareholders have begun filing class action lawsuits in the United States, complaining that they are being…
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On Monday Basel-based Novartis said it would take over 74 million shares, or 25 per cent of Alcon, for $143.18 per share. The purchase is the first half of a potential two-part deal – either side will have the right to execute a contract for Nestlé’s remaining 52 per cent interest in Alcon at $181…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.