By Ed Frankl

EssilorLuxottica SA has launched a takeover bid for the remaining shares of Dutch eyewear retailer GrandVision NV that it doesn't already own, the two companies said late Thursday.

The Ray-Ban maker said it would offer 28.42 euros ($32.83) for each outstanding GrandVision share, the same price as the offer that enabled it to acquire a controlling 76.7% stake from HAL Holdings in July.

The Franco-Italian group now owns around 86.7% of shares in GrandVision, having amassed a further 10% stake in two transactions in September.

The board of GrandVision unanimously recommended shareholders accept the offer, the companies said in a joint press release.

The offer acceptance period begins at 0700 GMT on Friday and ends at 1640 GMT on Dec. 3, they said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

October 08, 2021 01:50 ET (05:50 GMT)

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