Safilo acquires 25% stake in Inspecs for £21.7m

Investing.com -- Italian eyewear maker Safilo has purchased a 25% stake in Inspecs for £21.7 million, a move that effectively blocks a previous takeover attempt of the British eyewear company.

The acquisition, which took place between December 15 and December 18, disrupts the "scheme of arrangement" that had been agreed between Inspecs’ board and a consortium led by Luke Johnson and Ian Livingstone. That consortium had offered 84 pence per share to take over the company.

Following the stake purchase, Safilo now faces restrictions under the UK Takeover Code for the next six months. During this period, the Italian company cannot make an offer for Inspecs and is prohibited from increasing its ownership beyond 30%.

These limitations do not apply to the Johnson-Livingstone consortium, which remains free to pursue its takeover ambitions without similar restrictions.

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