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BWX Ltd Shares Up 40% On Takeover Offer

BWX Ltd (ASX: BWX) has received a takeover offer from Bain Capital to acquire all of its shares.

BWX is a natural beauty business that is best known for selling Sukin skincare products.

BWX said on 21 May 2018 it had received an unsolicited preliminary, non-binding, indicative and conditional offer from John Humble (CEO and Managing Director) and Aaron Finlay (Finance Director) in partnership with Bain Capital Private Equity and its affiliates (Bain Capital) to acquire 100% of the shares of BWX.

The offer is either for $6.60 cash per share, or shares as an alternative in a newly incorporated acquisition entity where the offer is 75% shares and 25% cash.

The BWX Board has created an ‘Independent Board Committee‘ (IBC), represented by Chairman Denis Shelley, Ian Campbell and David Fenlon to consider and respond to the proposal.

Some of the conditions with the proposal include completion of due diligence by Bain capital, finalisation of debt commitments, Bain Capital investment committee final approval and unanimous recommendation of the proposal by the IBC.

The BWX share price has risen by 40% to $6.18 at the time of writing, according to Google Finance.

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