Alcon, Inc.
No Change in Composition or Mandate of the IDC
Novartis' Merger Proposal Cannot Be Approved by the Alcon Board
Without Prior Recommendation by the IDC
HUENENBERG, Switzerland, Oct 24, 2010 (BUSINESS WIRE) --
The Alcon Independent Director Committee (the "IDC") notes that Dr.
Daniel Vasella, Chairman of Novartis AG ("Novartis"), replaced Mr. Cary
Rayment as Chairman of the Alcon Board of Directors at a telephonic
meeting of the Alcon Board of Directors held earlier today. Mr. Rayment
was appointed as Vice Chairman at the same meeting. The IDC notes that
the composition and mandate of the IDC remain unchanged.
Thomas G. Plaskett, Chairman of the IDC, said, "Although Alcon has a new
Chairman, nothing has changed with respect to the IDC. Alcon's
Organizational Regulations clearly require the IDC's prior
recommendation before the Alcon Board of Directors can decide on any
transaction between Alcon and Novartis. The IDC will continue to take
all available and appropriate actions to ensure that this process is
upheld and that the rights of Alcon's minority shareholders are
protected."
Greenhill & Co., Sullivan & Cromwell LLP and Pestalozzi, Zurich, are
continuing to act as advisors to the IDC.
Important information regarding the proposal will continue to be posted
on the Committee's website: www.transactioninfo.com/alcon.
About Alcon
Alcon, Inc. is the world's leading eye care company, with sales of
approximately $6.5 billion in 2009. Alcon, which has been dedicated to
the ophthalmic industry for 65 years, researches, develops, manufactures
and markets pharmaceuticals, surgical equipment and devices, contacts
lens solutions and other vision care products that treat diseases,
disorders and other conditions of the eye. Alcon operates in 75
countries and sells products in 180 markets. For more information on
Alcon, Inc., visit Alcon's website at www.alcon.com.
Caution Concerning Forward-Looking Statements. This press
release may contain forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995. Any
forward-looking statements reflect the views of the Committee as of the
date of this press release with respect to future events and are based
on assumptions and subject to risks and uncertainties. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. There can be no guarantee that Novartis or
Alcon will achieve any particular future financial results or future
growth rates or that Novartis or Alcon will be able to realize any
potential synergies, strategic benefits or opportunities as a result of
the consummation of the Novartis purchase or the proposed merger. Also,
there can be no guarantee that the Committee will obtain any particular
result. Except to the extent required under the federal securities laws
and the rules and regulations promulgated by the Securities and Exchange
Commission, we undertake no obligation to publicly update or revise any
of these forward-looking statements, whether to reflect new information
or future events or circumstances or otherwise.