06:19:25 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Coastal Contacts Inc (2)
Symbol COA
Shares Issued 32,830,881
Close 2014-04-16 C$ 12.40
Market Cap C$ 407,102,924
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Coastal Contacts holders approve acquisition by Essilor

2014-04-16 19:42 ET - News Release

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.

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