Luxottica ( LUX) can continue with its plans to acquire Sunglass Hut ( RAYS), as the antitrust waiting period has expired.
The Italian eyeglasses company disclosed plans in February to buy the sunglasses retailer for $462 million. The companies had to wait until the waiting period mandated by the Hart-Scott-Rodino Antitrust Improvements Act expired, which it did on Monday. Luxottica is offering $11.50 a share in cash for each share of Sunglass Hut, which is based in Coral Gables, Fla. Luxottica's tender offer for Sunglass Hut's shares is set to expire March 30. Last month, Luxottica also signed an agreement to acquire First American Health Concepts, a managed vision care company based in Phoenix. In recent New York Stock Exchange trading, Luxottica lost 4 cents, or 0.3%, to $14.75. On the Nasdaq, Sunglass Hut gained 13 cents, or 1.1%, to $11.50.