Summit Technology
This article was originally published in The Gray Sheet
Executive Summary
Ophthalmic excimer laser maker completes acquisition of Autonomous Technologies for cash and stock valued at $224 mil. The amount is more than double the previously estimated value of $86.6 mil. when the deal was announced in October 1998, due to recent gains in Summit's stock market value ("The Gray Sheet" Nov. 9, 1998, p. 7). Autonomous shareholders will receive .727 shares of Summit common stock and $3.04 in cash for each of their shares. The deal will total about 11.2 mil. Summit shares and $46.8 mil. in cash