Speaking with minority shareholders Wednesday, Alcon's independent

directors committee reiterated their opinion that Novartis' offer to buy out Alcon's minority shareholders is "grossly inadequate" and that they do not believe that the Swiss drugmaker can force a deal on these terms.

Tom Plaskett, chairman of Alcon's three-member independent board committee, said that the independent directors are pleased with shareholders' support "as well as the shareholders' strong views that Novartis' offer, as it stands, is…completely unacceptable.

 

" However, the directors declined to disclose an amount they would consider suitable or whether they had engaged in negotiations with Novartis.

Also Wednesday, the board restated that Swiss merger laws, combined with Alcon's organisational documents, would provide the independent committee "legal blocking power" over some steps required to finalise a deal, including barring Novartis' five candidates for Alcon's board from voting on the merger proposal.

 

Earlier this month, the independent directors announced the creation of a $50 million litigation trust that could be used to finance any legal proceedings in connection with any takeover deals.