Billionaire’s remorse

10 December 2020 By Lisa Jucca Follow @LJucca

Like the LVMH founder, the Ray-Ban billionaire is suffering from buyer’s remorse. His EssilorLuxottica may rethink its pre-pandemic 7 bln euro bid for GrandVision. The glasses retailer won’t easily find another buyer. As with Tiffany, a lower price is the most likely outcome.

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Ray-Ban maker EssilorLuxottica is reconsidering its agreed 7 billion euro cash offer for optical retailer GrandVision due to legal and pandemic concerns, Bloomberg reported on Dec. 9 citing people with knowledge of the matter.

EssilorLuxottica in August asked for additional information on how its target had managed its operations during the pandemic, but a Dutch court threw out the bidder’s request.

Shares in GrandVision were down 3% at 25.15 euros by 0830 GMT on Dec. 10, 12% below EssilorLuxottica’s current offer price of 28.42 euros per share.

Shares in EssilorLuxottica were down 0.35% at 128.7 euros per share. The stock is about 10% higher than when the French-Italian group launched its offer for GrandVision in July 2019.

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