Blackstone Inc is considering a bid for skincare company L’Occitane International, Bloomberg News reported on Monday, citing people familiar with the matter.
The private equity giant has been considering preliminary due diligence as it evaluates a potential offer while also considering the possibility of teaming up with L’Occitane’s billionaire chairman Reinold Geiger on a buyout, the report added.
Blackstone declined to comment, while L’Occitane did not immediately respond to Reuters request for comment.
The Hong Kong-listed skincare specialist company’s controlling shareholder had decided against a deal to take the company private in September last year.
The buyout offer was from Geiger’s investment holding company, L’Occitane Groupe SA, at a time when Hong Kong emerged as an epicentre of buyout deals and several firms from the West were looking to boost exposure in the rapidly growing Chinese market.
L’Occitane could also attract interest from other suitors, the report said, citing the people, adding that deliberations are at an early stage, and there is no certainty they will lead to a proposal.
Reuters
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