This excerpt taken from the LUX 20-F filed Jun 29, 2007.
Ray Ban Indian Holdings Review by Supreme Court of India
On August 29, 2003, the Securities Appellate Tribunal (SAT) in India upheld the decision to require a subsidiary of the Company to make a public offering to acquire up to an additional 20% of the outstanding shares of RayBan Sun Optics India Ltd. On October 30, 2003, the Company announced that it intended to comply with the SATs decision and that the Company, through its subsidiary, Ray Ban Indian Holdings, Inc.,
would launch a public offer to purchase an additional 20% of the outstanding shares of RayBan Sun Optics India Ltd. In accordance with applicable Indian regulation, the Company placed in escrow with the manager of the offer Rs. 226 million (Euro 3.8 million). On November 17, 2003, the Supreme Court of India stayed the SATs order and directed that the matter be further reviewed at the end of January 2004, provided that the Company issue a letter of credit in favor of the Indian securities regulatory agency within the following four week period of Rs. 630.6 million (Euro 10.8 million). The Supreme Court of India finally disposed of the appeal by an order dated December 12, 2006, directing the Company and Ray Ban Indian Holdings, Inc. to make a public offer within 45 days of the order, using April 28, 1999 as the reference date for calculating the offer price. The Supreme Court also directed that interest be paid at the rate of 10% per annum for the period between August 27, 1999 and the closing date to all persons who were shareholders of RayBan Sun Optics India Ltd. throughout such period. On April 25, 2007, pursuant to the December 12, 2006 Supreme Court order, and in compliance with Regulations 10 and 12 of Chapter III of the SEBI Regulations 1997, we launched a public offer through our subsidiary, Ray Ban Indian Holdings, Inc., to acquire up to 4,895,900 shares, representing approximately 20 percent of the equity share capital of RayBan Sun Optics India Ltd., which we subsequently increased to up to 7,545,200 shares, representing approximately 31 percent of equity share capital. 6,454,280 shares were tendered in the offer, which closed on May 14, 2007. Effective upon the share transfers entry in the share register on June 26, 2007, our stake in Ray Ban Sun Optics India Ltd. increased to 70.5 percent. We paid total consideration of approximately Euro 13.0 million for the tendered shares. Costs associated with the Supreme Court of India review incurred for the years ended December 31, 2006 and 2005 were immaterial.