Essilor Shells Out $386M To Take Over Coastal Contacts

Law360, New York (February 27, 2014, 8:29 PM EST) -- French ophthalmic lens maker Essilor International SA is buying eyeglasses and contacts manufacturer and retailer Coastal Contacts Inc. for CA$430 million (US$386 million), the companies announced Thursday.

The acquisition gives the 44-year-old global lens giant access to Coastal's many websites, one of which is Coastal.com, as well as the company's products, including lenses manufactured by multinational companies.

Per the terms of the deal, Essilor will pay CA$12.45 for each Coastal share, a 43 percent premium on Coastal's three-month, volume-weighted average and a whopping 84 percent premium on...
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