• Nikon announces cash offer for Optos

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Nikon announces cash offer for Optos

Feb 27 2015

The boards of directors of Nikon Corporation and Optos Plc are pleased to announce that they have agreed the terms of a recommended cash offer to be made by Nikon for the entire issued and to be issued share capital of Optos. It is intended that the proposed Transaction will be implemented by means of a Court-sanctioned scheme of arrangement of Optos under Part 26 of the Companies Act.

The Company has received a 100% cash offer of 340p per share valuing business at £259m which the Board is recommending to shareholders.  The offer is at a premium (30.5%) to the share price as at 26 February, and 39% as compared to the volume weighted price for the three month period to 26 February.  It exceeds any share price since Optos was listed and compares favourably to the share price 12 months ago (Feb 2014 average of 201.9p) and the share price immediately following the November FY14 full year results announcement (215p to 228p).

Optos’ Ultra-widefield imaging expertise is seen as an important step for Nikon in achieving its ambitions to build a medical business, with the Scottish company providing an established footprint in the medical segment; significant collaboration opportunities in product development, research, manufacturing and marketing;  and a platform to expand Nikon’s regenerative medical business. 

Commenting on the Transaction, Kazuo Ushida, President of Nikon, said: "I am pleased to announce this strategically important transaction for Optos and Nikon. I am confident that an Optos/Nikon combination would create a world class "retina" player and would significantly benefit our respective stakeholders. Together, we will pursue various collaboration opportunities and further expand the medical business in the future."

Dr Peter Fellner, Chairman of Optos, added: “Under the leadership of Roy Davis and the management team, Optos has successfully established itself as a global leader in retinal imaging supported by the introduction of innovative new products such as the Daytona.  During this period, our share price and financial results have shown material improvement and Optos is now well placed for further growth. Following the Transaction, Optos will become a key part of Nikon's future strategy to develop a global medical business and will continue to provide its market leading solutions to the patients we serve. We are therefore pleased to recommend this acquisition to our shareholders."


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