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The merger agreement has been unanimously approved by the boards of directors of Alcon and Summit Autonomous, with the offer and merger subject to normal regulatory control. Alcon has begun a tender offer for all outstanding shares of Summit and any shares not purchased in the offer will be acquired for the same price in cash in a second-step merger. Alcon's president and chief executive officer Tim Sear said: 'Alcon has long been committed to entering the strategically critical refractive surgical market.' He added that its comprehensive global technological review and advice from top refractive surgeons had led to the conviction that Summit was a clear technological leader in the refractive field. 'I am confident that the combination of Alcon's powerful, worldwide sales and marketing organisation with the highly skilled Summit Autonomous team will be in the best interest of both surgeons and patients,' said Mr Sear. Alcon, founded in 1947, employs more than 10,000 staff worldwide.

It had sales in 1999 of $2.4bn, and plans to spend more than $1bn on eye-related research over the next five years. Summit, founded in 1985, develops, manufactures and markets ophthalmic laser systems and related products for the correction of common vision disorders.

It has 440 employees and in 1995 was the first excimer laser company to receive FDA approval for the correction of mild to moderate myopia in the US. It received FDA approval for Laser-assisted in situ keratomileusis (Lasik) last year

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