Oakley to merge into Luxottica Group for US$29.30 per share

21 Jun '07

2 min read

Luxottica Group S.p.A., global leader in eyewear, and Oakley Inc, worldwide specialist in sport performance optics jointly announced that they have entered into a definitive merger agreement with the unanimous approval of both companies' Boards of Directors.

Under the agreement, Luxottica Group will acquire all of the outstanding shares of Oakley for a cash purchase price of US$29.30 per share, together with the purchase of all outstanding options and other equity rights at the same price per share less the exercise price.

The total purchase price will be approximately US$2.1 billion, representing an approximate premium of 18% over the most recent 30-day average NYSE trading price of Oakley shares and approximately 24% over the most recent three-month average trading price.

Oakley's Board of Directors will recommend the offer to Oakley's shareholders for approval.

Highlights:
• Oakley is an innovative and iconic brand: a leading global sports, technology and lifestyle company with a unique design point of view
• Oakley has tremendous growth potential across numerous market segments
• Luxottica provides a global platform to showcase the Oakley brands while enhancing its international distribution capabilities
• This merger combines two strong, complementary business models
• This merger establishes a stronger and more diversified portfolio of owned and licensed brands
• Combined companies' retail platform includes luxury, fashion, lifestyle and sports concepts

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