Further doubt has been cast over Novartis' proposed takeover of eye care company Alcon after the Alcon Independent Director Committee cited impressive fourth quarter results as further proof that Novartis' proposal was 'grossly inadequate'.
Alcon, which posted a 14.5 per cent increase in global sales for the fourth quarter of 2009 to $1.72bn, also reported net earnings of $458m, an increase of 8 per cent over the same period in 2008. The committee also noted that Alcon had outperformed Wall Street expectations for five consecutive quarters and in 27 of the past 30 fiscal quarters.
It also reiterated that it would take all available action to defend the rights of minority shareholders with regards to the proposed Novartis takeover.