Costa to be Acquired by Essilor International for $21.50/Share

Costa

today announced an agreement whereby Essilor International will acquire all outstanding shares of the company for $21.50 per share. This corresponds to an enterprise value of approximately $270 million. The all-cash offer represents a 19% premium on the volume weighted average share price over the past six months and approximately 2.8x the last twelve month's revenue from continuing operations. The merger agreement provides that Costa Inc. may consider superior proposals from other interested parties. Previously known as A.T. Cross, Costa Inc. designs, assembles and markets sunglasses under the Costa® and Native® eyewear brands. Introduced in 1983, when a few fishermen decided the world needed better sunglasses, Costa has become a leader in the performance sunglass market. As a premiere manufacturer of superior polarized performance sunglasses, Costa is best known for its patented 580 lens technology, which offers color enhancement and increased visual acuity. Still handcrafted today in Florida, Costa's unparalleled fit and durability, backed by a lifetime warranty, have made them a leading choice of serious water sports enthusiasts. Costa is also known for its commitment to protecting the world's waters and works with conservation partners around the world to