There is one less Canadian-owned major retailer based out of Vancouver following the completion of a friendly takeover bid of Coastal.com (TSX: COA).
French Essilor International closed the sale of the B.C. business on April 28 in a deal worth $430 million.
Coastal.com, which operates the prescription lens retailer Clearly Contacts, agreed to sell all its outstanding shares to the French lens designer and manufacture for a purchase price of $12.45 per share.
The two companies announced the friendly takeover bid in February.
Coastal.com's common shares will be delisted from the Toronto Stock Exchange at the close of trading May 1.
CEO Roger Hardy, who previously owned 20% of Coastal.com along with his family, formed the company in Vancouver in 2000.
He told Business In Vancouver in March that he'll stay on as long as he's needed.
Essilor is expected to retain the current management team, which includes president Gary Collins.
Essilor's reported revenue in 2013 amounted to more than €5 billion. The company operates 28 plants and employs about 55,000 people.
