Dr. Alan Finkel, Chief Executive Officer of Axon, added, "Molecular Devices' technological expertise, market presence, and excellent reputation make it an ideal partner for Axon. This combination would enhance the visibility of Axon's products and accelerate the development of innovative new products, particularly in the areas of imaging and ion channel screening." After the closing of the transaction, it is anticipated that Dr. Finkel will become Vice President and Chief Technology Officer of Molecular Devices, reporting to Dr. Keegan, who will remain President and Chief Executive Officer. As previously announced, Geoffrey Powell will retire from the position of President of Axon after the closing of the transaction.
Under the terms of the transaction, each share of Axon common stock would be converted into the right to receive U.S. $0.1359 in cash and 0.00734 of a share of Molecular Devices common stock. A substantial portion of the equity held in Axon is traded on the Australian Stock Exchange (ASX) in CUFS; each CUFS holder would also receive U.S. $0.1359 in cash and 0.00734 of a share of Molecular Devices common stock for each share of Axon common stock subject to a CUFS. Holders of options, other than those issued under Axon's employee option plans, would receive cash and shares of Molecular Devices common stock in the same amounts as they would have received had they exercised their options immediately prior to the effective date of the acquisition, net of the option exercise price. Molecular Devices would also assume outstanding options to purchase Axon common stock issued under Axon's employee option plans, which would convert into options to purchase common stock of Molecular Devices.
