Acquisition Bid: Laser Medical Technology Inc., a San Clemente maker of lasers used in dentistry, said Monday that it has offered to acquire Los Angeles-based Laser Biotech Inc. in exchange for 1.87 million shares of its stock.
Up to 1.2 million additional shares of Laser Medical stock would be issued to Laser Biotech shareholders if the average price of Laser Medical's common stock fell to under $5 per share during the 10 days before a final closing. That could make the stock offer worth a potential $9.3 million.
Laser Medical also offered to invest $1 million in Laser Biotech immediately and invest an additional $2 million within three months. Laser Biotech has developed a laser used to correct vision problems.
Francois Levy, chief executive of Laser Medical, said he believes his company's bid is superior to that offered by Fremont-based competitor Sunrise Technologies Inc. Sunrise last November offered 660,000 shares of its common stock for Laser Biotech, worth $8.6 million based on Monday's close of $13 a share.
Officials at Laser Biotech did not return phone calls for comment, and Sunrise officials declined to comment. Jehu Hand, a spokesman for Laser Medical, said Laser Biotech had not responded to the offer as of Monday afternoon.
Levy said that the company's application to test an experimental device that uses a laser to cut teeth roots has been accepted by the U.S. Food and Drug Administration.
Laser Medical changed its name from Laser Endo Technic earlier this month.