Rayban Sun on a high on parent offer

Dalal Street Spikes

 The counter shot up after its parent made an open offer to acquire 20 per cent. Rayban announced during afternoon trades that Luxottica Group Spa and Rayban Indian Holdings Inc (formerly known as Bausch & Lomb Indian Holdings Inc) are making an offer to acquire up to 48,95,900 equity shares of Rs 10 each representing 20 per cent of the equity capital of Rayban Sun Optics India at Rs 104.30 per share and interest of Rs 70.68 per share calculated at the rate of 15 per cent per annum from August 27, 1999, till March 1, 2004, the scheduled date of payment of consideration. (the interest amount is subject to change depending upon the actual date of payment).

 Luxottica gained control over a 44 per cent stake in Rayban through a 1999 takeover of Bausch & Lomb of the US. However, it did not follow up the takeover with the open offer.