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OptiCare Nixes Deal
Ends talks to acquire Vision 21
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Business New Haven
7/10/2000
By: BNH
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WATERBURY - OptiCare Health Systems Inc. (AMEX: OPT) announced June 20 it planned to terminate its February agreement to buy Vision Twenty-One Inc. for six million shares and the assumption of about $60 million in debt.
According to OptiCare officials, Vision Twenty-One and its banks failed to enter into the standstill agreement and letter of intent for a replacement credit facility on terms required by the merger agreement and satisfactory of OptiCare.
The merger would have combined the companies' laser vision correction and managed eye-care businesses.
“We are disappointed that the inability of Vision Twenty-One and its banks to reach agreement on continued financing of Vision Twenty-One will have deprived the stockholders and customers of both companies the benefits anticipated from the merger,” said OptiCare CEP Dean Yimoyines in a statement.
However, he added, “OptiCare remains interested in certain assets of Vision Twenty-One.”
Based in Waterbury, OptiCare owns, operates and develops laser and ambulatory surgery centers and provides systems, including Internet-based software solutions, to eye-care professionals.
Employing some 925 workers, OptiCare generated revenues of about $111 million in 1999.
On June 19, OptiCare's stock closed at $2.25, a 52-week low.
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