Eyecare firm sees no good in takeover bid

ALCON'S independent directors have criticised a takeover bid from Novartis, saying the Swiss drugmaker is trying to circumvent protections for minority shareholders.

Novartis aims to buy the rest of eyecare group Alcon for $39.3 billion to reduce its reliance on prescription drugs, but is offering minority shareholders a worse deal than 52 per cent owner Nestl.

The Basel-based group has the upper hand but Alcon shareholders still hold out hopes that it may improve the offer.