Aussie group accepts offer from Luxottica

The deal was closed on September 2, with Luxottica South Pacific holding 82.57 per cent of the shares of the 619-outlet business and 90.91 per cent of all options and performance rights.
Luxottica's takeover offer was first made in the spring. But while the OPSM board unanimously recommended the offer, there was some resistance from institutional shareholders to accept it. This led to a deadline that was repeatedly extended throughout August. Nevertheless, Luxottica now has the power to appoint all members of the OPSM board.
Luxottica chairman Leonardo Del Vecchio said in April, when the bid was announced, that the acquisition would allow it to become 'the leading player in the Australian prescription segment'.
Analysts have since predicted that the Italian group's next retail target is likely to be in the US market.