WATERLOO

Virtek Vision International Inc. said yesterday it is discussing the sale of assets to a third party as an alternative to the hostile takeover attempt by StockerYale Inc.

If the sale goes through, shareholders will receive part of the proceeds, Virtek said in its statement.

"The board expects that if these discussions conclude successfully, shareholders will receive a proposal for some of Virtek's assets that is superior to StockerYale's offer of $0.65 per share for the entire company," Virtek said in a statement.

Virtek did not describe the assets that may be sold or the third party that might purchase those assets.

The maker of industrial laser systems said its board is also considering "a number of (other) alternatives aimed at maximizing shareholder value."

Virtek rejected two takeover offers from Salem, N.H.-based StockerYale in June.

StockerYale then said it was taking its offer directly to shareholders and seeking to buy a majority of Virtek shares.