Luxottica Group Announces Early Termination Of U.S. Antitrust Waiting Period For Oakley Acquisition
MILAN, Italy and FOOTHILL RANCH, Calif., Aug. 24, 2007: Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), global leader in eyewear, and Oakley, Inc. (NYSE: OO), worldwide specialist in sport performance optics, announced today that the United States Federal Trade Commission granted early termination on August 24, 2007 of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) in connection with Luxottica Group's proposed acquisition of Oakley, Inc., without a second request for additional information.
Termination of the HSR waiting period satisfies one of the conditions to the closing of the transaction as specified in the Merger Agreement dated June 20, 2007 among Luxottica Group, its merger subsidiary and Oakley.
Luxottica Group and Oakley noted that other conditions to the closing specified in the Merger Agreement still remain outstanding, including obtaining certain antitrust and competition law clearances outside of the United States as well as the required approval of the transaction by Oakley's shareholders at a special meeting to be called and held for such purpose.
Luxottica Group and Oakley stated that they expect the transaction to close in the fourth quarter of 2007.