Safilo Pursues Inspecs Acquisition Despite Rejection
Eyewear manufacturer Inspecs continues to monitor developments regarding potential acquisition interest, particularly from Italian rival Safilo. The latter recently confirmed its ongoing assessment of options, signaling a persistent pursuit despite previous offers being rejected by the UK-based company.
Safilo had initially approached Inspecs last month with proposals for the potential acquisition of two of its German divisions, Eschenbach Group and BoDe. Following this, the company submitted "two non-binding possible cash offers to acquire the entire issued and to be issued share capital" of Inspecs. However, these bids were ultimately turned down by Inspecs, as confirmed by Safilo in its recent statement made to meet a Thursday deadline to maintain its interest.
Despite the rejections, Safilo has not withdrawn from the potential acquisition. The Italian manufacturer explicitly stated that it is "continuing to assess its options, including the possibility of making a revised offer to acquire the entire issued and to be issued share capital of Inspecs." This indicates a strong likelihood that Inspecs could yet receive a new proposal from the eyewear giant.
In parallel, two other separate and unsolicited purchase proposals had been put forward by H2 Equity Partners and a Risk Capital Partners/Ian Livingstone Consortium. These entities had also presented non-binding possible cash offers last month, with an alternative offer including unlisted securities, to acquire the entirety of Inspecs' issued and to be issued share capital.
However, the required "firm intention" deadline for H2 and the Consortium appears to have passed without any public announcement of an extension. Given Safilo's continued and explicit interest, it now seems improbable that an opposing bid from either H2 Equity Partners or the Risk Capital Partners/Ian Livingstone Consortium will materialize.
