Luxottica, Oakley merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Aug. 24 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Luxottica Group SpA and Oakley, Inc. without a second request for additional information.

Other closing conditions still need to be met, including approval by Oakley's shareholders.

Both companies said in a news release that they expect the transaction to close in the fourth quarter.

It was previously reported that Oakley's board of directors approved the acquisition of the company by Luxottica for $29.30 per share in a deal valued at $2.1 billion.

Luxottica is an eyewear company based in Milan.

Oakley, based in Foothill Ranch, Calif., specializes in sport performance optics including premium sunglasses, goggles and prescription eyewear.

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