HUENENBERG, Switzerland (TheStreet) -- The Independent Director Committee of Alcon(ACL Quote) said Novartis'(NVS Quote) bid to acquire the minority publicly traded shares of Alcon is "grossly inadequate."
In a statement Wednesday, the group also said "the financial analysis upon which Novartis' unilateral proposal is based is fundamentally flawed."
Earlier this month, Novartis exercised its call option to buy Nestle's remaining 52% stake in eyecare company Alcon for about $28 billion in cash. Novartis is buying the Alcon shares for $180 each, raising its stake in Alcon to 77%.
The Independent Director Committee of Alcon pointed out that Novartis proposed to acquire the Alcon shares at a price of 2.8 shares of Novartis for each share of Alcon, which is valued at $151.43 as of Tuesday because of a decline in Novartis' share price.
That's "significantly below the $180 in cash that will be paid by Novartis to acquire its majority position," the committee said.
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