PARIS (Agefi-Dow Jones)–The manufacturer of corrective lenses and optical instruments EssilorLuxottica announced Monday evening that its subsidiary Luxottica has reached a preliminary agreement to acquire 1.73 million shares, equivalent to 90.9% of the share capital, of the Italian manufacturer of cases for glasses Giorgio Fedon & Figli for a total amount of 29.4 million euros.
The price of 17.03 euros per share represents a premium of 135% compared to the closing price on April 8, i.e. the last trading day preceding the date of entry into force of the agreement, and of 114% compared at the weighted average price of the previous 12 months. Monday evening, Giorgio Fedon & Figli shares ended at 7.25 euros on the Milan Stock Exchange.
The agreement has been signed with the main shareholders of the glasses case manufacturer and the transaction is expected to close by the end of June.
If the transaction is successful, EssilorLuxottica will launch a mandatory tender offer on the balance of the capital, at the same price of 17.03 euros per share, with a view to delisting Giorgio Fedon & Figli.
“The transaction represents a step forward in EssilorLuxottica’s vertical integration strategy, which aims to achieve the highest quality standards across the entire value chain and to optimize the service provided, for the benefit of all players in the industry,” the group said in a statement.
-Alice Doré, Agefi-Dow Jones; +33 (0)1 41 27 47 90; [email protected] ed: VLV
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April 12, 2022 01:50 ET (05:50 GMT)