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BENSON EYECARE ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE THE BONNEAU COMPANIES; FILES FOR PUBLIC OFFERING OF 3.5 MILLION SHARES

 NEW YORK, June 4 /PRNewswire/ -- Benson Eyecare Corporation (AMEX: EB) today announced it has signed a definitive agreement to acquire The Bonneau Companies for approximately $20.8 million in cash and securities. The acquisition will close, subject to various pre- closing conditions being satisfied, following the completion of an equity offering of Benson Eyecare Corporation common stock.
 A registration statement for an offering of 3.5 million shares of Benson Eyecare Corporation common stock, plus an underwriters' over- allotment of 525,000 shares, has been filed today with the Securities and Exchange Commission. RAS Securities Corp. and ABD Securities Corporation will act as co-managers of the offering.
 Bonneau, headquartered in Dallas, is a leading distributor of ready- to-wear reading glasses and value-priced sunglasses under several well- known brand names including FosterGrant(R), PennOptics(R), Bonneau(R), Viewpoints(R) and Spalding(R). Bonneau also distributes a product line of children's sunglasses that depict various animated characters under license from the Walt Disney Company, Inc. Bonneau distributes its products principally through leading mass merchandisers, drugstores and supermarkets.
 Benson intends to utilize $16.3 million of the net proceeds of the offering for payment of the cash portion of the purchase price of the Bonneau acquisition. Additional proceeds will be applied to reducing debt and the balance of the net proceeds, if any, will be added to working capital. The balance of the purchase price of the Bonneau acquisition will consist of $2 million in unregistered shares of the company and up to $2.5 million to be paid in stock of the company based upon an earn out over a three-year period.
 Benson Eyecare Corporation is the largest operator of ophthalmologist-based dispensaries in the United States, selling an extensive line of prescription eyeglasses, contact lenses, sunglasses and related eyecare products. The company currently operates 212 dispensaries in 28 states and owns a facility for providing primary, medical and surgical eyecare in Bakersfield, Calif.
 A Registration Statement relating to the proposed offering of securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any State in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 6/4/93
 /CONTACT: Martin E. Franklin of Benson Eyecare Corporation, 212-754-2800, or Fred Spar of Kekst And Company, 212-593-2655, for Benson Eyecare Corporation/
 (EB)


CO: Benson Eyecare Corporation; The Bonneau Companies ST: New York, Texas IN: SU: TNM

SH -- NY016 -- 5353 06/04/93 09:59 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
Words:471
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