LUXOTTICA CLEARS HURTLE IN U.S. SHOE TAKEOVER
NEW YORK — Luxottica Group SpA, which launched a $1.1 billion hostile takeover bid March 3 for U.S. Shoe, said Monday it has received antitrust clearance to proceed on the deal.
The world’s largest maker of eyewear, based in Milan, Italy, said the waiting period under the Hart-Scott-Rodino act expired at 11:59 p.m., March 18. As reported, on March 16 U.S. Shoe’s board rejected Luxottica’s $24-per-share cash tender offer as inadequate.
Luxottica, which is seeking to add U.S. Shoe’s LensCrafters optical chain to its stable, had sales of $504.3 million in 1994, resulting in net income of $77.5 million. About 39 percent of Luxottica’s sales come from the U.S.
LensCrafters, which accounts for 6 percent of Luxottica’s U.S. distribution, generated sales of $767 million and operating earnings of $72 million in 1994. The U.S. Shoe division operates 602 LensCrafters and 47 Sight & Saves in the U.S. and Canada.