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Cole National Corporation Announces Amendment to Merger Agreement with Luxottica Group at Increased Price Per Share.

Article Excerpt
-- Luxottica raises merger price from $22.50 to a minimum of $26.00 per share

-- Merger price is further increased to $27.50 per share in cash, plus additional 4% from date of stockholder approval to closing, if merger is approved at Cole's July 20 Annual Meeting, which will be reconvened on July 22

-- Luxottica strengthens commitment to obtain regulatory approval by eliminating divesture threshold

-- Cole National strengthens its commitment to the Luxottica merger by narrowing its right to terminate the merger agreement to accept a competing offer

-- Cole National Board confirms recommendation that Cole National stockholders approve Luxottica merger at July 22 Meeting

Cole National Corporation , today announced that it has entered into an amendment to its merger agreement with Luxottica Group S.p.A. with the unanimous approval of their Boards of Directors. Under the amendment, the original $22.50 per share cash merger consideration to be paid by Luxottica has been increased to a minimum of $26.00 per share. In addition, if Cole National stockholders approve the Luxottica merger at the annual meeting, which will be adjourned to July 22, 2004, the merger price will be further increased to $27.50 per share in cash, plus an additional amount equal to...

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