July 8, 2021 — EssilorLuxottica announced on July 1 that it has completed its acquisition of a 76.72% ownership interest in GrandVision from HAL Optical Investments, a wholly owned subsidiary of HAL Holding pursuant to the block trade agreement entered into with HAL on July 30, 2019. 

As a result of the completion of the transaction contemplated by the block trade agreement, EssilorLuxottica acquired predominant control over GrandVision and is under an obligation to launch a mandatory public offer for all outstanding shares in GrandVision, in accordance with the applicable Dutch public offer rules. EssilorLuxottica shared that its objective is to delist GrandVision from Euronext Amsterdam. 

EssilorLuxottica will submit the offer memorandum for the mandatory public offer with the Netherlands Authority for the Financial Markets no later than Sept. 23, 2021, which is the ultimate date to submit the offer memorandum with the AFM for approval under the Dutch bidding rules. 

The offer memorandum will concern the mandatory public offer on all issued and outstanding ordinary shares in the share capital of GrandVision, each with a nominal value of .02 euro. The offer price per share will be 28.42 euros, which is equal to the amount per share EssilorLuxottica paid under the block trade agreement. The offer price is also equal to the highest price paid by EssilorLuxottica for shares in the capital of GrandVision during the twelve months preceding the announcement of the mandatory public offer and is thus a fair price. Settlement of the mandatory public offer is expected to take place within six months. 

EssilorLuxottica also shared that sufficient funds have been secured to fully finance the payment of all issued and outstanding shares in GrandVision against the offer price.