L’Occitane International’s shares rose sharply after a report that Blackstone is contemplating a bid for the skincare firm.
L’Occitane’s shares
973,
gained 9.4% to twenty-eight.45 Hong Kong {dollars} in early Asian commerce Tuesday, on observe for its largest every day proportion achieve since final May.
Private fairness agency Blackstone
BX,
has been conducting preliminary due diligence because it mulls a possible provide for the skincare firm, Bloomberg reported, citing folks aware of the matter. Blackstone can be contemplating the potential for teaming up with L’Occitane’s billionaire chairman Reinold Geiger on a buyout, the report stated.
L’Occitane didn’t instantly reply to a request for remark by Dow Jones Newswires.
Plans for taking up L’Occitane aren’t new, as Geiger thought of taking the corporate non-public final 12 months. L’Occitane subsequently stated it had been knowledgeable by the controlling shareholder on Sep. 3 that “it has decided not to proceed with the possible transaction,” in response to an trade submitting.
Geiger owns about 73% of L’Occitane International, which at present has a market capitalization of HK$41.95 billion (US$5.36 billion), in response to FactSet.
Source web site: www.marketwatch.com
