L’Occitane Worldwide’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 monitor for its largest each day share acquire since final Might.
Non-public fairness agency Blackstone
BX,
has been conducting preliminary due diligence because it mulls a possible provide for the skincare firm, Bloomberg reported, citing individuals acquainted with the matter. Blackstone can be contemplating the potential of 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 on L’Occitane usually are not new, as Geiger thought of taking the corporate personal final 12 months. L’Occitane subsequently stated it had been knowledgeable by the controlling shareholder on Sep. 3 that “it has determined to not proceed with the doable transaction,” in line with an trade submitting.
Geiger owns about 73% of L’Occitane Worldwide, which presently has a market capitalization of HK$41.95 billion (US$5.36 billion), in line with FactSet.
