Candela says Third Point made demands to sell

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Candela Corp., through outside counsel, accused investor Third Point LLC on Sept. 4 of demanding Candela "immediately pursue a process to sell the company in its entirety" and alleged that the reporting persons were not "passive investors."

The allegations were reported in a schedule 13D filing with the Securities and Exchange Commission.

Since acquiring its shares of Candela, Third Point has had conversations with company management, including an Aug. 23 telephone conversation with president and chief executive officer Gerard E. Puorro. Third Point said it suggested the company consider strategic alternatives but denies demanding that the company take any particular action, including putting itself up for sale.

Third Point bought 179,900 shares of Candela stock between July 9 and Aug. 17 priced from $8.12 to $11.25 per share, according to the SEC filing. The reporting persons own 2,255,000 shares, or 9.8%, of Wayland, Mass., laser and light-based medical device company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.