Tuesday, January 09, 2007

Hit #138 (Intralase)

Intralase (ILSE) is being acquired by Advanced Optics (EYE) for around $880 million in a cash deal. The offer, of $25/share, represents a premium of 47.6% over my average cost per share of $16.94/share.

This is another one of those acquisitions where I would have gladly accepted shares of the buyer, as Advanced Optics shares appear undervalued. Advanced Optics itself remains a target for a larger fish, and if not, there is more growth to come in this area.

My position in Intralase is small. At various points, I did consider buying more, but the lack of supporting insider activity kept me away.

Another target to watch is Iridex (IRIX), currently trading at attractive levels.

Previous hit - Praecis (#137)


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