Luxottica Group / Essilor International

Luxottica Group / Essilor International: MOFCOM Secured, Squeeze-Out and Sell-Out Optionality

Publication Date: July 31, 2018

Research Report Overview

Over 18 months after it was first announced, Luxottica / Essilor cleared its last major regulatory hurdle with clearance by Chinese competition authorities (MOFCOM) on 26-Jul-18. This completes investors’ focus on antitrust since US and EU regulators have also approved the deal, albeit taking longer than forecast. Our estimated settlement date is now end-September 2018 and, moving forward, the market will most likely focus on opportunities derived from the transaction structure. In this report, we examine Italian laws and regulations related to squeeze-outs and sell-out rights. We also highlight recent squeeze-out precedents and compare the Luxottica deal structure to more common Italian ones that were designed to mitigate the risks to the acquirer.

Contents (6 Pages):

1. Situation Overview and Background: Luxottica / Essilor 2. Conventional Italian Deal Structures and Exit Options 3. Italian Squeeze-Out and Sell-Out Rights 4. The Luxottica Opportunity

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