Essilor to buy Coastal Contacts for C$430 million

Thu Feb 27, 2014 1:55am EST
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Feb 27 (Reuters) - 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 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 board has recommended that shareholders of vote in favour of the agreement, Coastal said in a statement.

The transaction is expected to close in the second quarter of 2014, Coastal said.