GrandVision/ EssilorLuxottica working on finding agreement to close deal – sources

24 November 2020 - 02:36 pm UTC

GrandVision [AMS:GVNV] and EssilorLuxottica [EPA:EL] are working on finding an agreement to close their proposed tie-up, according to two sources familiar with the situation. 
The intention is for the deal to go ahead, said the sources. 
These discussions are taking place in parallel to the ongoing litigation process in Amsterdam, and are focused on the potential of revising the terms, taking into account the impact of the COVID-19 pandemic on GrandVision’s assets, one of the sources said. 
Last year, EssilorLuxottica offered EUR 28 per share in cash for the 76.72% stake in GrandVision owned by HAL Trust [AMS:HAL], which would be followed by a mandatory offer for the remaining shares at the same price. 
This news service reported in April that EssilorLuxottica could consider revising its offer in light of the coronavirus outbreak. EssilorLuxottica’s CEO Paul du Saillant said earlier this month that the rationale for the transaction remains unchanged.  
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by Giulia Lasagni and Alessandra Castelli