Stock Market Alert - (NASDAQ:FGXI) Hits 52-week High On Merger Announcement

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Today, FGX International Holdings Limited (NASDAQ:FGXI) gapped up and jumped 8.46% to $19.45 on 5 million shares. The stock made a new 52-week high of $19.46. Essilor, the largest maker of corrective eye lenses, is to buy U.S. group FGX International (FGXI.O) in a $565 million deal, to boost its presence in the growing market for non-prescription reading glasses.

The deal, which includes repayment of FGX's net debt of about $100 million, is worth $19.75 per FGX International share and will boost Essilor's earnings per share from next year, the French company said on Wednesday.

The agreement includes a termination fee of approximately $18.3 million payable by FGX International to Essilor in the event FGX accepts a "superior unsolicited offer," FGX said in a statement.

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