Staar Surgical to acquire Canon's interest in JV
Staar Surgical Company (Nasdaq: STAA), a manufacturer of ophthalmic products, reported this morning that it will acquire the interests of all other shareholders in Canon Staar Co., Inc., a joint venture that was formed by Staar, Canon Inc. and Canon Marketing Japan, Inc. in 1988 to develop, manufacture and sell in Japan products using Staar's technology.
Staar will pay the Canon companies $4 million in cash and 1.7 million newly issued shares of Series A Convertible Preferred Stock for its interest, and will acquire the 50% interest in Canon Staar currently owned by the Canon companies. The Series A Convertible Preferred Stock will be convertible into common stock at a one-to-one ratio and under certain circumstances will be redeemable for cash at $4 per share.
After the transaction closes Staar will be renamed Staar Japan, Inc. and become a wholly owned subsidiary of Staar.
Shares of Staar Surgical (STAA) were halted in pre-market trading.
