As announced In October 2001, Nestlé SA is exploring an initial public offering (IPO) of a minority stake in Alcon, Inc. its wholly-owned eye care business.
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Nestlé believes that an IPO of Alcon would strengthen the AAA credit rating of Nestlé and facilitate the further development of its core food, nutrition and beverage businesses.
In the context of that possible IPO, Alcon has today filed a registration statement with the United States Securities and Exchange Commission with respect to an initial public offering of newly issued Alcon common shares representing approximately 25% of Alcon’s common shares, including an over-allotment option to be granted to the underwriters. Nestlé expects this offering to be completed at the end of the first quarter of 2002, and Alcon has applied to list its common shares on the New York Stock Exchange under the
ticker symbol “ACL”. It is currently estimated that the initial public offering price will be between US$31.- and US$35.- per common share.
Credit Suisse First Boston is the global coordinator for this offering, and the joint lead managers and bookrunners for this offering are Credit Suisse First Boston and Merrill Lynch & Co. Copies of the preliminary prospectus, once available, can be obtained from Credit Suisse First Boston, Prospectus Department, 11 Madison Avenue, New York, New York 10010-3629, (212) 325-2580 and Merrill Lynch & Co., World Financial Center, 5th Floor, North Tower, New York, New York 10281, (212) 449-1000.
Alcon intends to use the net proceeds from this offering (other than proceeds of the over-allotment option) to redeem shares of nonvoting preferred stock of Alcon owned by Nestlé and to use the net proceeds from an exercise of the over-allotment option, if any, to repay short-term indebtedness.
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