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EssilorLuxottica: bid for GrandVision progressing

( - Lens and eyewear giant EssilorLuxottica said on Tuesday that preparations for its takeover bid for Dutch company GrandVision were progressing on schedule.

The group said it planned to submit its mandatory public offer to the Dutch Financial Markets Authority (AFM) by 23 September, the deadline for submitting the text.

In a statement, EssilorLuxottica also confirms that it will be able to meet the funding requirements of the proposed acquisition.

The group explains that it intends to pay for the transaction with free cash that it already has, or even use its existing and available credit lines.

On 1 July EssilorLuxottica announced the launch of a mandatory tender offer for GrandVision's ordinary shares at a price of 28.42 euros per share.

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