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17 Jun 2002
Spectra-Physics' president and CEO resigns as take-over by Thermo Electron is completed.
Patrick Edsell, the president and CEO of US laser manufacturer Spectra-Physics, has resigned following the completion of a cash tender offer for the common stock of Spectra-Physics by fellow US firm Thermo Electron.
Edsell, who has been president and CEO of Spectra-Physics since 1997, will be replaced by Guy Broadbent, the president of Thermo Electron's optical technologies business.
Edsell would not divulge the reasons for his resignation, but told optics org: "Everyone has decided this is the best solution." He will continue as chairman of the board until the completion of the deal with Thermo Electron.
Thermo Electron recently successfully completed a cash tender offer of USD 17.50 per share for any and all outstanding shares of common stock of Spectra-Physics. It intends to acquire the remaining Spectra-Physics shares through a short-form merger after February 22, when the restrictions of Section 203 of the Delaware General Corporation Law relating to any merger involving Thermo Electron and Spectra-Physics lapse.
Once Thermo Electron completes the short-form merger, Spectra-Physics' shares will no longer be listed on the Nasdaq National Market. The short-form merger does not require Spectra-Physics board or stockholder approval.
Author
Nadya Anscombe is editor of optics org and Opto & Laser Europe magazine
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