Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After nearly six years of conjecture, rumour - plus the key shareholder (holding 72.63% of shares out) contemplating a takeover - we finally have an <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0429/2024042905713.pdf" target="_blank" rel="noopener">Offer</a> for <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>.</li>
<li>The price? $34/share, a 30.77% premium to undisturbed, and a figure a shade below the  HK$35/share flagged by Reuters last August deemed "<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0811/2023081101558.pdf" target="_blank" rel="noopener">false and without basis</a>". The price is final. 
</li>
<li>This takeover is a Voluntary General Offer. The key condition is securing 90% of disinterested shareholders holding 27.36%. 9.6% of that number have provided irrevocable undertakings or letters of support.  </li>
</ul>


After nearly six years of conjecture, rumour - plus the key shareholder (holding 72.63% of shares out) contemplating a takeover - we finally have an Offer for L'Occitane (973 HK).
The price? $34/share, a 30.77% premium to undisturbed, and a figure a shade below the  HK$35/share flagged by Reuters last August deemed "false and without basis". The price is final. 

This takeover is a Voluntary General Offer. The key condition is securing 90% of disinterested shareholders holding 27.36%. 9.6% of that number have provided irrevocable undertakings or letters of support.  


L'Occitane (973 HK): Geiger's $34/Share Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).</li>
<li>The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.</li>
<li>Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.</li>
</ul>



L'Occitane (973 HK) disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).
The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.
Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.


L’Occitane (973 HK): Conditional VGO at HK$34

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> and <a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> lock-ups. <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>and <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (SCBCBDID CH)</a> IPOs.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/cgn-new-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4295:1" rel="noopener">CGN New Energy Holdings (1811 HK)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/riso-kyoiku-co-ltd" target="_blank" data-smartkarma-citation="entities:20848:1" rel="noopener">Riso Kyoiku (4714 JP)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Kokusai Electric (6525 JP) and J&amp;T Global Express (1519 HK) lock-ups. HD Hyundai Marine Solution (443060 KS), ZEEKR (ZK US)and Sichuan Baicha Baidao Industrial (SCBCBDID CH) IPOs.
Event-Driven developments L'Occitane (973 HK), CGN New Energy Holdings (1811 HK), Azure Minerals (AZS AU), Genex Power Ltd (GNX AU), Riso Kyoiku (4714 JP), Chilled &amp; Frozen Logistics Holdings (9099 JP). 


Weekly Deals Digest (14 Apr) - L'Occitane, CGN New Energy, Azure, Genex, C&F Logistics, Riso Kyoiku

<ul>
<li>Bloomberg reports that <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> draws takeover interest from <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a>, which is considering partnering with Chairman and largest shareholder Reinold Geiger.</li>
<li>Blackstone needs an attractive takeover premium due to the presence of significant disinterested shareholders (Mr. Geiger and Acatis KVG).</li>
<li>Shareholders will be wary of the latest rumour due to Mr Geiger’s aborted offer on 4 September 2023. Nevertheless, the valuation is undemanding compared to peer multiples.</li>
</ul>


Bloomberg reports that L'Occitane (973 HK) draws takeover interest from Blackstone (BX US), which is considering partnering with Chairman and largest shareholder Reinold Geiger.
Blackstone needs an attractive takeover premium due to the presence of significant disinterested shareholders (Mr. Geiger and Acatis KVG).
Shareholders will be wary of the latest rumour due to Mr Geiger’s aborted offer on 4 September 2023. Nevertheless, the valuation is undemanding compared to peer multiples.


L’Occitane (973 HK): Blackstone Pondering an Offer

Analyst

Steve

Equity Bottom-Up

L'Occitane International / Equity Bottom-Up

<ul>
<li>L'Occitane (973 HK) announced two solid moves this week:  1) Disposing the 70% stake in Grown Alchemist;</li>
<li>And 2) granting additional call options to Sol de Janeiro CEO Heela Yang of up to 7%.</li>
<li>The stock is trading at 19x FY25 PE (fiscal year ending March), up from just 14x six months ago.</li>
</ul>


L'Occitane (973 HK) announced two solid moves this week:  1) Disposing the 70% stake in Grown Alchemist;
And 2) granting additional call options to Sol de Janeiro CEO Heela Yang of up to 7%.
The stock is trading at 19x FY25 PE (fiscal year ending March), up from just 14x six months ago.


L'Occitane (973 HK):  Two Good Moves, Though Rerating Has Been Fast And Furious

Luxembourg

L'Occitane International S.A. designs, manufactures, and retails natural and organic ingredient-based beauty and well-being products, including skincare, haircare, body care, fragrances, and makeup. The company operates a portfolio of premium beauty brands such as L'Occitane en Provence, ELEMIS, and Sol de Janeiro. It is headquartered in Luxembourg City, Luxembourg, and was founded in 2000.

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L'Occitane International (973 HK)

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

Weekly Deals Digest (14 Apr) - L'Occitane, CGN New Energy, Azure, Genex, C&F Logistics, Riso Kyoiku

Last week, notable developments occurred in Event-Driven (L'Occitane, CGN, Azure, Genex, C&F Logistics, Riso Kyoiku, Roland DG) and ECM (Kokusai,...

Arun George

L’Occitane (973 HK): Blackstone Pondering an Offer

L’Occitane is on a trading halt pursuant to the Code on Takeovers and Mergers. Bloomberg reports that Blackstone is nearing a privatisation deal...

Arun George

L'Occitane (973 HK): Two Good Moves, Though Rerating Has Been Fast And Furious

L'Occitane (973 HK) made strategic moves by selling stake in Grown Alchemist and granting call options to Sol de Janeiro CEO.

Steve

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L'Occitane (973 HK): Geiger's $34/Share Offer

If keeping to the SFC rules, this Offer may be open on the 20th May; and taking the view this turns unconditional on the first close (10th June),...

David Blennerhassett

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

Weekly Deals Digest (14 Apr) - L'Occitane, CGN New Energy, Azure, Genex, C&F Logistics, Riso Kyoiku

Last week, notable developments occurred in Event-Driven (L'Occitane, CGN, Azure, Genex, C&F Logistics, Riso Kyoiku, Roland DG) and ECM (Kokusai,...

Arun George

L’Occitane (973 HK): Blackstone Pondering an Offer

L’Occitane is on a trading halt pursuant to the Code on Takeovers and Mergers. Bloomberg reports that Blackstone is nearing a privatisation deal...

Arun George

L'Occitane (973 HK): Two Good Moves, Though Rerating Has Been Fast And Furious

​L'Occitane (973 HK) made strategic moves by selling stake in Grown Alchemist and granting call options to Sol de Janeiro CEO.

Steve

L'Occitane (973 HK) made strategic moves by selling stake in Grown Alchemist and granting call options to Sol de Janeiro CEO.