HUNENBERG, Switzerland Novartis may need to reconsider its offer to acquire Alcon, according to a press release issued Monday.
Hans Caspar von der Crone, a Swiss legal and corporate governance expert, has concluded that a recommendation by the Alcon independent director committee is an indispensable first step before the board of Alcon can decide on the merger proposal.
The conclusion runs contrary to Novartis' public implications that it would be able to unilaterally impose the merger irrespective of the IDC's position once Novartis becomes Alcon's majority shareholder.
Afull copy of the legal opinion is available on the IDC's website, Transactioninfo.com/alcon.
The IDC had commissioned von der Crone, as an independent third party and expert in Swiss corporate law and corporate governance best practices, to review all relevant corporate documents and issue a legal opinion.