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L'Occitane International formed a committee to weigh an offer by majority shareholder Reinold Geiger to buy the shares he does not own.

Why it matters: The take-private deal would allow the challenged French beauty retailer to operate without the distraction of being public.

Zoom in: Geiger would shell out HK$34 per share — nearly a 61% premium to the 60-day average closing price.

The offer values the remaining shares at €1.7 billion and the entire company's equity at €6 billion.

Investors accounting for nearly 26% of the shares that Geiger is offering to buy have already agreed to tender them.

Investors representing 12% of those same shares have agreed to recommend the offer.

Financing will be provided by a combination of debt provided by Crédit Agricole alongside funds from Blackstone and Goldman Sachs Asset Management.

Catch up quick: Bloomberg reported the company was near a deal with Geiger on Sunday.

Geiger, the chairman, via L'Occitane Groupe, owns nearly 73% of the shares outstanding.

What they're saying: "The rationale is to allow the current management team, which would remain in place, to continue operations of the company's business as it is and invest in long-term sustainable growth initiatives as a privately held company," L'Occitane said in a statement.

💭 Our thought bubble: The offer lets L'Occitane go private at a healthy premium without having to take on a lot of debt.

L'Occitane confirms offer from majority shareholder

The beauty retailer has formed a committee to weigh Reinold Geiger's offer.

Shop L'Occitane en Provence in the barrio de Salamanca in Madrid

Shop L'Occitane en Provence in the barrio de Salamanca in Madrid. Photo:  Cristina Arias/Cover/Getty Images

Mergers and acquisitions

<a class="gtmContentClick" data-vars-link-text="L&#x27;Occitane International" data-vars-click-url="https://www.axios.com/pro/retail-deals/2024/04/09/loccitane-owner-taps-blackstone-for-buyout-financing" data-vars-content-id="504f706e-4c50-4fb9-b35c-f3b7448d87d8" data-vars-headline="L&#x27;Occitane confirms offer from majority shareholder" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2024/04/09/loccitane-owner-taps-blackstone-for-buyout-financing" target="_self">L&#x27;Occitane International</a> formed a committee to weigh an offer by majority shareholder Reinold Geiger to <a class="gtmContentClick" data-vars-link-text="buy" data-vars-click-url="https://www.prnewswire.com/news-releases/loccitane-international-sa-announces-offer-from-controlling-shareholder-to-take-company-private-302130219.html" data-vars-content-id="504f706e-4c50-4fb9-b35c-f3b7448d87d8" data-vars-headline="L&#x27;Occitane confirms offer from majority shareholder" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/loccitane-international-sa-announces-offer-from-controlling-shareholder-to-take-company-private-302130219.html" target="_blank">buy</a> the shares he does not own.Why it matters: The take-private deal would allow the challenged <a class="gtmContentClick" data-vars-link-text="French beauty retailer" data-vars-click-url="https://www.axios.com/pro/retail-deals/2024/04/09/loccitane-owner-taps-blackstone-for-buyout-financing" data-vars-content-id="504f706e-4c50-4fb9-b35c-f3b7448d87d8" data-vars-headline="L&#x27;Occitane confirms offer from majority shareholder" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2024/04/09/loccitane-owner-taps-blackstone-for-buyout-financing" target="_self">French beauty retailer</a> to operate without the distraction of being public.

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L'Occitane confirms offer from majority shareholder

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