Private buyers close to deal for VE parent

The offer, for e491m (£342m) is backed by GrandVision's management and founding shareholders, and funded by the French private equity group PAI Partners.
Last week the Financial Times (September 7) reported that 'a top executive at a rival private equity group' had criticised the deal and claimed it did not reflect the full potential value of the business, calling it 'the steal of the year'.
However, PAI deputy chief executive Bertrand Meunier responded and said that the investment group was buying the optical company at a fair price.
Last month a GrandVision spokesman told optician: 'PAI will bring money and financial expertise to the group.'
The next key date of the change in ownership schedule for the 380-outlet optical group will be September 25 when the publication of the final results of the offer will be made, and a week later the final settlement will be reached.
The cash tender offer for GrandVision at e21 per share closes today (September 12), which is also the last day for tender orders to be received from shareholders by the financial institutions where their shares are currently held.
Settlement will take place three weeks later subject to the offer obtaining at least two thirds of the shares and voting rights of GrandVision by that date.
Nevertheless, should this threshold not be reached, the offer will become void and all tendered shares will be returned to their owners.
GrandVision was established in 1981 as a chain of one-hour photolabs, and it diversified into the optical market at the end of that decade. The company went on to purchase Vision Express in 1997 for a reported £200m.