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Stock Market & Financial Investment News

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February 27, 2014
05:26 EDTCOA, ESLOYEssilor to acquire Coastal.com for CAD$430M
Coastal Contacts (COA) announced that it has entered into an acquisition agreement with Essilor (ESLOY) 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$430M. The purchase price per share represents a premium of 43% over the three month volume-weighted average price of CAD$8.73 on the TSX and 84% over the six month volume-weighted average price of CAD$6.78. 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 Q2. The acquisition agreement provides for a customary non-solicitation covenant on the part of Coastal.com and, in the event of a superior proposal, Essilor has the right to either match the superior proposal or receive a termination fee in the amount of CAD$16M.
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