Eye-Opener

Cole National Corp. (Twinsburg, Ohio), the eyewear and optometrics retailer, announced it had it received an unsolicited, non-binding acquisition offer from Moulin International Holdings Ltd. (Hong Kong) of $25 per share in cash.

In January, Cole had entered into a merger agreement with Luxottica Group S.p.A. (Milan) at a value to Cole of $22.50 a share. That agreement was subject to approval by Cole’s shareholders, who were to meet this week. That meeting was postponed, Cole National announced, to permit it to file and distribute updated proxy materials in regards to the new offer.

Cole National’s board said it has only decided to review the Moulin International proposal, while reserving the right to make a determination whether to enter into discussions or negotiations with Moulin in accordance with the terms of the existing merger agreement with Luxottica Group. Luxottica Group said its board of directors has not deemed it necessary to take any action in connection with the new developments. It will review the matter “in due course.”

Cole National, together with its Pearle Vision franchisees, has 2197 retail locations in the U.S., Canada, Puerto Rico and the Virgin Islands.

Moulin, a maker of eyewear, has a brand portfolio consisting of United Colors of Benetton, Sisley, Revlon, Reebok, Aigner, Longine’s, Nikon, Marco Polo, S.T. DuPont, Feraud, Paloma Picasso, Kappa, Red Rose, Giordano and Metzler.