LINCOLN, R.I. (AP) -- Essilor International is buying sunglass maker Costa in a deal that the buyer values at approximately $270 million.
Costa Inc., formerly known as A.T. Cross, designs, assembles and markets sunglasses under the Costa and Native brands. France's Essilor makes and sells ophthalmic lenses and ophthalmic optical instruments.
Essilor will pay $21.50 per share, about an 8 percent premium to Costa's Thursday closing price of $19.98.
The transaction is not subject to a financing condition and will be financed from Essilor's cash reserves.
The agreement with Essilor allows Costa, which is based in Lincoln, R.I., to consider superior bids from other interested parties. If Costa accepts a superior, unsolicited offer, it must pay an approximately $8.9 million termination fee to Essilor.
The deal is expected to close early next year. It still needs approval from Costa shareholders.