Reports suggest that the extension has been made as OPSM shareholders have been slow to accept the offer that was made nearly three months ago (News, May 2).
The manufacturer of Ray-Ban sunglasses stated that it had extended the offer to August 1 because the Australian Foreign Investment Review Board would not be able to confirm its approval before July 18, the original closing date for the offer.
Luxottica made its bid for the 600-outlet Australasia and Far East chain to boost its brands Ð which include Revo and Killer Loop Ð in the region.
The OPSM board accepted the bid, and its chairman, Helen Lynch, claimed in May that it was in the best interests of OPSM shareholders.
However, Luxottica requires 90 per cent of shareholders to accept the A$3.90 cash per share offer before it can move to compulsory acquisition and integrate the business.
A report in The Australian (July 11) said there had been a total acceptance of around 24 per cent, with resistance from major institutions.
In addition, a target statement lodged with regulators in June revealed that the Italian company was to undertake a 'strategic review' the newspaper reported, with the possibility of job cuts.
Italian eyewear group Luxottica has extended the period of its A$550m (£218m) bid for Australian optical giant OPSM.