Mr. Terry Vanderkruyk reports
COASTAL.COM SHAREHOLDERS APPROVE ACQUISITION BY ESSILOR INTERNATIONAL
Coastal Contacts Inc.'s shareholders have approved the proposed acquisition of
Coastal by Essilor International SA under which Essilor has agreed to acquire all of the
issued and outstanding common shares of Coastal for a purchase
price of $12.45 per share, representing a net equity value of
approximately $430-million.
At the annual general and special meeting of Coastal's shareholders
held this morning, the transaction was approved by approximately 100 per cent
of the votes cast by shareholders, including by approximately 100 per cent of
the votes cast by shareholders excluding the votes attached to shares
owned by certain executive officers, as required under applicable
securities laws.
The closing of the transaction remains subject to final court approval,
approval under the Competition Act 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.
About Essilor
The world's leading ophthalmic optics company, Essilor designs,
manufactures and markets a wide range of lenses to improve and protect
eyesight. Its corporate mission is to enable everyone around the world
to access lenses that meet his or her unique vision requirements. To
support this mission, the company allocates more than 150 million euros to research and innovation every year in a commitment to continuously
bring new more effective products to market. Essilor's flagship brands
are Varilux, Crizal, Definity, Xperio, Optifog, Foster Grant,
Bolon and Costa. It also develops and markets equipment, instruments
and services for eye-care professionals.
Essilor reported consolidated revenue of over five billion euros in 2013 and
employs more than 55,000 people. It operates in 100 countries with
28 plants, and more than 450 prescription laboratories and edging
facilities, as well as several research and development centres around
the world. For more information, please visit its website.
The Essilor shares trade on the NYSE Euronext Paris market and are included in the Euro Stoxx 50 and CAC 40 indices.
We seek Safe Harbor.
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