Spectra-Physics rejected Ciby-Geigy’s offer.
The San Jose-based firm, a leading manufacturer of lasers, rejected the $32 per share, or $194.7 million, takeover offer from the Swiss pharmaceuticals giant. Ciba-Geigy Ltd. already holds 18.8% of the company. Spectra-Physics’ board voted to reject the offer as financially inadequate, unfair and not in the best interests of Spectra-Physics or its stockholders. The firm said it also filed a suit in Delaware federal court seeking to block the offer.
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