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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Deal Timeline

Luxottica Group / Essilor International

End Date: December 12, 2018

December 2018

November 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

Deal Announced: January 16, 2017
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