Feb 27 Essilor International will buy
Coastal Contacts Inc , a digital retailer of
eyeglasses and contact lenses, for C$430 million ($388.2
million), Coastal said on Thursday.
Essilor will buy all of the issued and outstanding common
shares of Coastal.com for C$12.45 per share, representing a
premium of about 20 percent to Coastal stock's Wednesday close
on the Toronto Stock Exchange.
Last year Essilor bought Costa Inc, a maker of
premium sport sunglasses, for $270 million to tap into the
growing prescription sun lens market.
The Coastal.com board has recommended that shareholders of
Coastal.com vote in favour of the agreement, Coastal said in a
The transaction is expected to close in the second quarter
of 2014, Coastal said.