Oakley, Inc. shareholders approved the merger agreement with Luxotitica Group S.p.A. at a special meeting. Following the consummation of the merger, Oakley will become an indirect wholly owned subsidiary of Luxottica Group. Based upon the preliminary tally of shares voted, approximately 83% of total shares of Oakley common stock voted in favor of the transaction. Under the terms of the merger agreement, holders of Oakley common stock will receive $29.30 in cash for each outstanding share of Oakley common stock.
Oakley expects the merger to close in mid-November.