Moulin Will Not at This Time Proceed with the Bid to Acquire Cole National Corporation
Hong Kong (ots/PRNewswire) -
- Will Continue to Explore Possible Acquisitions to Expand Downstream Presence in the Optical Industry
Moulin International Holdings Limited ("Moulin" / the "Group")(stock code: 389), a world leading integrated manufacturing distributor of eyewear, has announced that the Group will not proceed at this time with its proposed bid to acquire Cole National Corporation ("CNC").
On July 13, 2004, Moulin submitted a revised proposal to acquire CNC in a merger at the price of USD $25.00 per share in cash. Subsequently on July 15, 2004, Luxottica Group S.p.A. ("Luxottica") raised its offer to USD $27.50 per share in cash. Following a press release issued by CNC on July 22, 2004 announcing that the stockholders of CNC had voted to approve the merger agreement between CNC and Luxottica, Moulin formally announced that the Group will not at this time proceed with its proposed bid.
Mr. Cary Ma, Chief Executive Officer of Moulin, said, "Despite the complexity of the transaction, Moulin successfully received commitments for over HK$6,000,000,000 in debt and equity financing to support our bids for Cole National. We have always considered a price of USD $25 per share to be a reasonable valuation of the company, and therefore it is not in the interest of Moulin or it's shareholders to pursue a higher bid." Mr. Ma continued, "The substantial efforts made during the CNC acquisition process have demonstrated Moulin's capabilities and resources which we will use to pursue other attractive investment and acquisition opportunities. We are proud of our efforts and look forward to the next opportunity.
Mr. Ma Bo Kee, Chairman of Moulin, concluded, "Moving downstream into the retail sector is an important growth strategy in our international arena. Going forward, we will continue to aggressively explore possible acquisition, merger and/or business combination opportunities in the optical retail market. Expansion into retail will allow the company to control the entire supply chain network, creating substantial synergies that can secure long- term profitability. Taking this opportunity I would like to thank the management and employees for their dedication and efforts throughout the bidding process. Our team remains strong and we are as confident in our ability to carve a lasting niche for the company in the global eyewear market."
Moulin is engaged in the design, manufacture, distribution and retail of quality eyewear products to customers worldwide. The Group has effectively built a comprehensive global distribution network operating in over seventy countries worldwide, driven by major market subsidiaries in Europe, the United States and the Asia Pacific region. Moulin is the largest eyewear manufacturer in Asia and the third largest worldwide, with production volumes exceeding fifteen million frames per year.
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