News

L’Occitane Receives Potential Bid from Blackstone

1 Mins read

L’Occitane International, a well-known skincare company, experienced a significant surge in its stock prices following reports of a possible bid by private equity firm Blackstone. L’Occitane’s shares rose by 9.4% to 28.45 Hong Kong dollars during early Asian trade on Tuesday, marking its largest daily percentage gain since May of last year.

According to sources familiar with the matter, Blackstone has been conducting preliminary due diligence in consideration of making an offer for L’Occitane. The report also suggests that Blackstone may explore the option of partnering with L’Occitane’s billionaire chairman, Reinold Geiger, for a potential buyout.

Dow Jones Newswires reached out to L’Occitane for comment, but no immediate response was received.

This isn’t the first time there have been discussions surrounding the acquisition of L’Occitane. Geiger had previously contemplated taking the company private last year. However, in a filing with the exchange, L’Occitane stated that the controlling shareholder informed them on September 3 that they had decided not to proceed with the potential transaction.

Currently, Geiger owns approximately 73% of L’Occitane International. The company’s market capitalization is valued at HK$41.95 billion (US$5.36 billion) as per FactSet data.

Related posts
News

Ukrainian drone attack kills one, injures another in Russian border region, says governor By Reuters

1 Mins read
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment…
News

Solana Holds Near $236 As Whale Staking Builds Pressure At Resistance (SOL-USD)

1 Mins read
Whales staked more than $1.5 billion in SOL, reducing circulating supply. Solana (SOL-USD) is trading around $235.87, consolidating after briefly touching $237…
News

A'Court dismisses appeal against citizens' right to public information

2 Mins read
The Court of Appeal sitting in Abuja has delivered two landmark judgments affirming citizens’ right to access public information, dismissing separate appeals…

Leave a Reply

Your email address will not be published. Required fields are marked *

25 − = 18