A Swiss company sought to buy Spectra-Physics.
Ciba-Geigy Ltd., a Swiss chemicals and pharmaceuticals giant, said it has offered to acquire Spectra-Physics Inc. of San Jose for $32 a share. On Wall Street, however, there were expectations of a possible higher bid as Spectra’s stock price soared above the Ciba-Geigy offer. The stock jumped $9.875 a share to $33.50 on the New York Stock Exchange. Ciba-Geigy already owns 1.44 million, or 18.8%, of Spectra’s 7.65 million total common shares outstanding. Its offer for the remaining stock has an indicated value of $198.7 million.