Essilor has entered into an Acquisition Agreement with Coastal.com according to market watch.com.
Essilor, a leading global manufacturer and digital retailer of high-quality glasses and contact lenses - announced today that it has entered into an Acquisition Agreement with Essilor International under which Essilor has agreed to acquire all of the issued and outstanding common shares of Coastal.com for a purchase price of CAD$12.45 per share, representing a net equity value of approximately CAD$430 million.
"Essilor shares Coastal.com"s focus on customers, innovation and growth", said Roger Hardy, Coastal.com"s founder and CEO. "The combination will enhance Coastal.com"s ability to achieve its goals while realizing a significant all-cash premium for our shareholders. I am confident this transaction is the right decision for Coastal.com, our employees and our shareholders.
The transaction will be implemented by way of a statutory plan of arrangement and is subject to customary closing conditions, including approval by shareholders, court approval and regulatory approval. Assuming the timely receipt of such approvals, the transaction is expected to close in the second quarter of 2014..
by Alexa Kaczka