Luxottica 'a sensible fit' with OPSM

As reported in last week's optician Luxottica has announced a takeover bid for giant Australian and Far East optical retailer OPSM Group, a deal which has the recommendation of the OPSM board.
The bid is for A$550m (£218m) with shareholders receiving A$3.90 cash per share.
Chairman of OPSM, Helen Lynch, said: 'The directors believe that the offer is in the interests of OPSM shareholders.
'Over the last couple of years, OPSM has made significant progress in developing into a world-class, focused optical retailer. We believe the offer represents a fair outcome for OPSM shareholders, reflecting the positioning of the company as it embarks upon the next stage of its development.'
Jonathan Pinshaw, managing director of the 760-outlet Australasian chain called the transaction 'a sensible fit' for both companies, and said OPSM offered Luxottica 'key market positions' in the region.
If the bid is finalised it is expected that Luxottica will sell its sunglass brands, which include Ray-Ban, Killer Loop, and Revo, through OPSM.