MILAN, Italy and FOOTHILL RANCH, Calif., June 20, 2007 (PRIME NEWSWIRE) -- Luxottica Group S.p.A. (NYSE:LUX) (MTA:LUX), global leader in eyewear, and Oakley, Inc. (NYSE:OO), worldwide specialist in sport performance optics, today jointly announced that they have entered into a definitive merger agreement with the unanimous approval of both companies' Boards of Directors. Under the agreement, Luxottica Group will acquire all of the outstanding shares of Oakley for a cash purchase price of US$29.30 per share, together with the purchase of all outstanding options and other equity rights at the same price per share less the exercise price. The total purchase price will be approximately US$2.1 billion, representing an approximate premium of 18% over the most recent 30-day average NYSE trading price of Oakley shares and approximately 24% over the most recent three-month average trading price.