Alcon’s independent director committee announced on Wednesday that it formally responded to Novartis’ offer to

buy out its minority shareholders, and called the bid "grossly inadequate.” Alcon’s committee noted that the financial analysis which the drugmaker used to base its offer to acquire the remaining 23-percent stake in Alcon “is fundamentally flawed.”

In responding to Novartis, the committee said that its “proposal would inequitably and unfairly distribute…value to its two largest shareholders,” adding that the offer to minority shareholders, many of whom are Alcon employees, is "offensive and demonstrate[s] a profound disrespect.”

Sal. Oppenheim analyst Carri Duncan stated that she now expects Novartis to increase its offer, noting that “the matter isn't as straightforward as it might seem, and this is probably going to be a very long road for Novartis.”