L'Occitane chairman Geiger offers scrip alternative to take firm private (updated)
17/06/2024 05:46
(Adds more details on the deal, context and shares move in
paragraphs 3-5)
June 17 (Reuters) - Hong Kong-listed L'Occitane
International 0973.HK said on Monday 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$13.88 billion ($1.78 billion) 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.
($1 = 7.8099 Hong Kong dollars)
(Reporting by Sameer Manekar in Bengaluru; Editing by
Subhranshu Sahu and Rashmi Aich)
((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))