Today an announcement was made that an unknown party has tendered an offer of 19.50 a share to buy cole vision. Anyone have any ideas who has pockets that big?
Today an announcement was made that an unknown party has tendered an offer of 19.50 a share to buy cole vision. Anyone have any ideas who has pockets that big?
No one seems to be announcing the bidder.
http://biz.yahoo.com/smart/031008/20...ne_wond_5.html
http://biz.yahoo.com/ap/031008/cole_national_2.html
http://biz.yahoo.com/djus/031008/1235000783_2.html
Luxotica!?
There is also the possiblitiy it is a merger:
http://biz.yahoo.com/prnews/031008/clw001_1.html
http://www.reuters.com/newsArticle.j...YY0CRBAE0CFFA?
Other standouts included Italian eyewear maker Luxottica LUX.MI , which rose five percent to 13.4 euros after Smith Barney raised its rating on the stock to "buy" from "hold", saying it believed the group was behind a $321 million offer for a chain of U.S. eyeglass stores, Cole National CNJ.N .
Maybe Safilo is trying to buy them again!
Luxottica is usually not quite about these things!
Safilo flies low on the radar!
They bought those sunglass shops and opened a bunch more without making to many waves!
But then again who cares!
Luxottica owns Lenscrafters, which is the largest optical chain in revenue. Cole Vision is the 2nd largest optical chain in revenue. I think it would be an anti-trust violation for #1 to buy #2. It would be like GM buying Ford.
paw said:
Luxottica owns Lenscrafters, which is the largest optical chain in revenue. Cole Vision is the 2nd largest optical chain in revenue. I think it would be an anti-trust violation for #1 to buy #2. It would be like GM buying Ford.
SEE LASt POST'S ON THREAD "NEWS FLASH"
Safilo has a fairly large debt load from going private. This might make them a less likely buyer.
The FTC looks at market shares more than ranking. The eyewear retail segment is still very fragmented with lower market shares even at the top positions than most consumer products. #1 buying #2 in our industry would still have a combined share less than the current #1 in most other products.
Certainly the European business press thinks it is Luxottica and one press account reports that when asked, LUX said - no comment. Also of note, several months ago a senior LUX exec was quoted as saying that the company planned further US retail acquisitions. It is also likely that LUX sees a need to expand into managed care faster than achieved thus far with EyeMed.
Of course, none of this proves who it is or who it isn't, but it points towards LUX.
There are alternative views - would Prada and other LUX names be happy being in Sears? How much tradition frame distribution business has LUX lost in the US as a reaction to owning LC and what trendline is reasonable to assume if they also were to own Cole? Cole's financial record has been poor; what could LUX do differently? Total consumer spending has been shifting away from traditional department stores; is this likely to reverse? The Rxs per day at the typical Sears optical shop is likely low compared to many other chains; what does that do to overhead costs as a % of sales and could LUX improve it or would they be trapped just as Cole is?
And the card perhaps not yet played is the HAL Group that owns around 20% of Cole. Will they make a counter offer?
It would also be interesting to know the rules for listed firms to disclose more details. Both Cole and LUX are US traded. I'd think at some point soon the company making the offer will have to be disclosed.
"Cole’s Mystery Suitor Still a Mystery
TWINSBURG, Ohio—The identity of the unnamed suitor that has made an unsolicited offer to buy Cole National (VM, October 27, page 1) remained a mystery as of presstime, as a committee of independent Cole directors worked to evaluate the offer and the company’s stock maintained its upward momentum.
Speculation in both the optical industry and the financial community regarding the bidder’s identity continues to center on Luxottica Group, owner of the LensCrafters and Sunglass Hut retail chains. In announcing its third-quarter financial performance late last month, however, Luxottica did not comment on published reports on both sides of the Atlantic that it was the leading candidate to take over the Cole Vision parent. "
This rumor seems to be passing around between the Cole employee's too.
There is another rumor running amuck. That Lux. had told it's middle management to prepare for the take over of Cole. There by
moving these middle management people into departments as regional and territorial reps.
Now you have to remember rumors are like arm pits, every body
has two of them and for the most part both stink.
:drop: :hammer:
Three Cole managers told me that all the Pearle stores in the process of an independent inventory. They weren't sure about the other Cole stores, but it's the first time since Cole took over Pearle that any of them remember an inventory by an outside source...
I was informed a week ago that it is indeed Luxottica, and that it is a 'hostile' takeover bid. I got it second hand, but from 'reliable sources'.
Shwing
Shwing,Shwing said:
I was informed a week ago that it is indeed Luxottica, and that it is a 'hostile' takeover bid. I got it second hand, but from 'reliable sources'.
Looked at your website, congratulations it is neat. I made a non- reciprocal optical link to your site on my website and you can see it by going to:http://optochemicals.com/web_links.htm
Hope it will bring you some traffic.
No facts to back it up, but I was told that it is Luxottica. They want Cole to merge in with EyeMed and become larger than VSP. This same person told me, and how many times have you heard this from Lux, that it will be a positive move to help the independents!??????????
JSBELL said:
positive move to help the independents.
HA HA HA Ha Ha HA HA HA HA HA Ha HA
The only independent they want to help is themselves!
:hammer:
Are they independent?:hammer:
That was going to be my comment too!
A chain can't be an independent, by definition!
Paw:
I'm afraid a precriber owned optical can't be an independent either.
Only a free standing optician with no precriber financial conection can be an independent optician. Or be a Guild Optician for that matter.
Sorry
Picky Picky
Last edited by jediron; 11-13-2003 at 10:58 PM.
Independent:
from the Websters dictionary states: not influenced
or controlled by others. or not depending upon something else. And last but not least it says,not relying on another for aid or support.
I'll stick with my previous post about independents i think Webster's backs me up.
:D :bbg:
Let us not forget that the info related is intracontinental...
How else does one explain?
some one told me today that lux has already bought all of coles interests in Austraila and England..if this is true...it wont be long before it's announced here...
but then..who knows
So far Nothing...................gpw_ww said:
some one told me today that lux has already bought all of coles interests in Austraila and England..if this is true...it wont be long before it's announced here...
but then..who knows
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