Shareholders Approve Acquisition by Essilor International


VANCOUVER— Coastal Contacts shareholders unanimously approved the proposed acquisition of by Essilor International (Reuters: ESSI.PA). Essilor has agreed to acquire all of the issued and outstanding common shares of for a purchase price of CAD12.45 per share, representing a net equity value of approximately CAD 430 million. The shareholders voted to approve the acquisition at their annual general and special meeting, held here Wednesday.

The closing of the transaction remains subject to final court approval and the satisfaction or waiver of the other customary conditions. An application for final court approval is scheduled to be heard by the British Columbia Supreme Court on April 23, 2014. Subject to court approval being obtained, receipt of Competition Act approval and the satisfaction or waiver of all remaining closing conditions, the Transaction is expected to close by the end of April 2014.