Premier Laser/Ophthalmic Imaging Systems
This article was originally published in The Gray Sheet
Executive Summary
OIS rejects Premier's offer to acquire the balance of the approximately 49% of OIS shares not already owned by Premier by a unanimous vote of its board of directors. Premier's non-binding proposal, offering $0.85 worth of Premier Class A common stock for each OIS share outstanding, subject to certain conditions, was "not adequate," OIS says. However, OIS plans to engage a financial advisor to assist in further negotiations. The two firms previously had planned to merge under a February 1998 agreement, which was subsequently dissolved ("The Gray Sheet" Aug. 31, 1998, In Brief)
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Premier Laser/Ophthalmic Imaging Systems
Premier would acquire the 49% of ophthalmic digital imaging system maker OIS that it does not currently own under an agreement announced Oct. 22. While OIS had previously rejected as inadequate a Premier offer of $0.85 worth of Premier stock for each OIS share, the revised agreement would provide roughly $1.78 per share. OIS shareholders, which have yet to approve the pact, would receive 0.8 shares of Premier common stock per OIS share; Premier closed at 2-7/32 the day before the announcement. The two firms had first planned to merge under a February 1998 agreement, which was subsequently dissolved (1"The Gray Sheet" June 28, p. 21)
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