Management bid for (ASX:BWX) falls over
Stock
BWX Limited (ASX:BWX) $4.05 as at 17/09/2018Event
Skin and haircare product company (ASX:BWX) has been volatile today after they announced that their hostile management takeover bid had fallen over. The company, which owns brands such as Sukin & Mineral Fusion, had faced a bid from the MD John Humble & Finance Director Aaron Findlay along with private equity firm Bain Capital at $6.60 in May, however a binding proposal has failed to eventuate and the parties have walked away from the table. Both John & Aaron have left the company as a result of the hostilities. In the announcement, the company reiterated FY19 expectations looking for revenue growth across all brands, while the board welcomed the removal of this distraction where the “management’s time is better spent focussing on the substantial growth opportunities.” The stock was down strongly early in the day before rebounding and trading higher around midday, although all gains have been given back to trade ~1% lower. BWX Chart
