L’Occitane chairman Geiger offers scrip alternative to take firm private

Hong Kong-listed L’Occitane International 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. – Reuters