Alcon, Nestle, Novartis deal

An independent committee of directors for Alcon formally rejected a takeover proposal from Novartis and called the offer "grossly inadequate." Novartis, which already owns 25% of Alcon, exercised an option this month to acquire a further 52% of Alcon from Nestle for $180 per share. It then proposed to buy out the remaining 23% of Alcon in a stock deal valued at about $151.43 per share. ...