Courts clear OCLI/Flex for public offering

17 Jun 2002

Optical Coating Laboratory Inc. (Santa Rosa, CA) has won a favorable ruling in a lawsuit filed by SICPA Holding SA (Lucerne, Switzerland) to prevent an initialpublic offering (IPO) by majority-owned OCLI subsidiary Flex Products Inc. (Santa Rosa, CA). The Delaware Court of Chancery upheld the OCLI/Flex position thata majority decision by the Flex board is sufficient to authorize a public offering. SICPA, 40% owner of Flex, had contended that the IPO required SICPA consent; thecompany futher maintained that a call option gave it legal right to purchase OCLI's 60% interest in Flex.
Courtesy of Laser Focus World