GrandMet will offer $386 million for Pearle Health.

GrandMet USA, a unit of Grand Metropolitan PLC of Britain, said it would immediately begin a $33-per-share cash tender offer for all 11.69 million shares of Pearle Health Services, an eye-care company based in Dallas. The companies said that, by early September, any untendered Pearle shares will be converted into cash in a merger at $33 per share.