GrandVision soars as Ray-Ban maker begins takeover talks

Bloomberg

GrandVision NV surged after Ray-Ban sunglasses owner EssilorLuxottica SA began takeover talks in a deal that would value the smaller Dutch eyewear retailer at about $8 billion.
EssilorLuxottica is holding talks with GrandVision’s controlling shareholder, HAL, to buy the firm’s approximately 77 percent stake, HAL said in a statement in response to a Bloomberg report, which was confirmed later by the French-Italian suitor. Shares of GrandVision jumped as much as 10 percent, reaching 25.30 euros, their highest level since September 2016.
An acquisition could value GrandVision at about 28 euros a share, the Schiphol-based company said in a
separate statement, or about 33 percent higher than the stock’s closing price on Tuesday before reports of the talks emerged. At that price, HAL’s holding would be worth about $6.2 billion.
Following the completion of a deal, EssilorLuxottica would make a public offer for all of GrandVision’s shares, the Dutch company said. No agreement has been reached and any transaction would be subject to regulatory approval, HAL said. By adding GrandVision, which sells prescription glasses, contact lenses and other eyecare products, EssilorLuxottica would gain more than 7,000 stores in 40 countries.