L’Occitane chairman offers different takeover plan


HONG KONG: Hong Kong-listed L’Occitane International says its chairman Reinold Geiger has offered minority shareholders an alternative takeover proposal, as he pursues to take the skincare firm private.

Geiger, whose firm owns about 72.4% of L’Occitane, is now offering the remaining shareholders an option between the existing HK$34 apiece cash offer and a scrip alternative of 10 shares in the new private entity for every share held.

The cash offer values the shares Geiger does not already own at a maximum value of HK$13.88bil (US$1.78bil), including the value of vested options, L’Occitane said in a filing to the Hong Kong Stock Exchange.

The offer comes at a time when several Hong Kong-listed companies are exploring take-private options in a volatile stock market affected by China’s economic slowdown and a lack of strong stimulus policies.

L’Occitane shares, trading in which was halted earlier in the day, closed at HK$32.65 on June 14, and have risen more than 10% since the privatisation offer was first announced on April 29. — Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

L’Occitane , HKEX , skincare , takeover

   

Next In Business News

Ringgit surges: Economic reforms, potential us rate cut propel currency to be Asia's second best performer
US producer prices rise moderately in June
MRL confirms ECRL partnership plans with CCCC remain unchanged
Tafi Industries wins RM207.5mil contract for Setia Alam development
Minetech bags RM4.05mil contract for Banting Industrial City project
Redtone Digital acquires 7.12% stake in Theta Edge for RM13.93mil
Ringgit gains ground vs US dollar amidst improved sentiment
BNPL credit exposure stands at RM1.42bil in 1Q
Astaka launches Phase 3 of One Bukit Senyum with RM600mil GDV
Uzma explores hydrocarbon fuel deal in Papua New Guinea

Others Also Read