TLC Vision agrees to sell Occulogix shares to JEGC
TLC Vision Corp. (Nasdaq: TLCV) said it has agreed to sell all of its shares of common stock in OccuLogix, Inc. (Nasdaq: OCCX).
TLC will sell the shares to JEGC OCC Corp., which is owned by Greybrook Corp., a private equity firm. JEGC will purchase 1,904,762 shares of OccuLogix common stock at $1.05 per share on or before June 22, 2007, subject to closing conditions. It also will purchase the remaining shares of TLC Vision's investment in OccuLogix
over the next 90 days.
Shares of TLC Vision Corp., headquartered in St. Louis, Mo., were up 2.18% in after-hours trading, at $6.09 and at the high end of the 52-week range of $3.82 to $6.10. TLC Vision provides eye care services.
Shares of Boston, Mass.-based OccuLogix, a healthcare company focusing on age-related eye diseases, were up 7.92% at $1.09. The 52-week high is $2.90 and the low $0.76.
TLC's CEO said the compay had intended to sell its shares in OccuLogix if the opportunity arose. He said TLC sold to allow it to focus on its growth strategy, in particluar its new refractive centers model.
