COOPERVISION <EYE> FORMS RECAPITALIZATION PLAN
Coopervision Inc said it is
preparing a recapitalization plan, which includes a common
stock repurchase program and an exchange of debt securities for
common stock.
    The plan, along with a proposal to change its name to
Cooper Cos Inc, will be submitted for shareholders' approval at
the company's annual meeting on June 22.
    The meeting had been postponed from its original date of
May 14 in order to let management review recapitalization
options, it said.
    In addition, Coopervision said operating income in its
current fiscal quarter ending April 30 is expected to show an
improvement over its prior fiscal quarter's 82.5 mln dlrs and
its year ago quarter.
    Income from continuing operations was not immediately
availalbe for the prior year's second quarter in which it
reported a net loss of 14.9 mln dlrs.
    At a Drexel Burnham Lambert Investor Conference,
Coopervision chairman Parker Montgomery said, as previously
announced, he will listen to any bid that makes sense for
shareholders.
    He also said Coopervision's stock fell in 1986 due to its
second quarter loss, rumors of a liquidation at 30 dlrs and 35
dlrs a share, and Ivan Boesky's subsequent sale of his
position.
    "The stock dropped six dlrs in three days after Boesky sold
his position and has never recovered," Montgomery said. The
company's stock is currently trading at 19-1/4.
    Montgomery further told the conference, "Don't be an
investor in the stock on the basis of any short term recovery
in operating or net income in 1987 and 1988."
    "Our concentration is on maintaining or increasing market
share in our core businesses this year and next, regardless of
the impact to the bottom line," he said.
 Reuter
