The Associated Press

CLEVELAND - Hong Kong's Moulin International Holdings eyeglass maker has offered about $451 million for Pearle Vision owner Cole National Corp., which postponed today's stockholder meeting called to consider a $400 million bid by Italy's Luxottica Group.

The Moulin International unsolicited bid of $25 a share is 11 percent more than the $22.50-a-share offer from Luxottica. Cole National said it received the cash offer from Moulin International Thursday night.

Cole National, which also operates Sears Optical, Target Optical and BJ's Optical brands and provides managed-care vision benefits, said Monday that it was standing by its recommendation that stockholders accept the Luxottica bid.

However, Cole National said it would review the Moulin International offer and decide whether to open its books for review by Moulin International.

Luxottica operates the Mason-based LensCrafters and Sunglass Hut International chains.

Cole National's vision business has 2,197 locations in the United States, Canada, Puerto Rico and the Virgin Islands. Its personalized gift business, Things Remembered, has 728 U.S. stores.

Cole National shares closed Monday up $3.45, at $25.39. Luxottica closed Monday at $16.11, down 65 cents.