Baring Asia to exit Magic Holdings as L’Oreal makes $843m takeover bid
Baring Private Equity Asia is on course to exit Chinese cosmetic facial masks specialist Magic Holdings International after L’Oreal offered to buy the company in a deal worth $843 million. The PE player stands to receive $176 million, having invested just under $80 million in the Hong Kong-listed company.
According to a regulatory filing, L'Oreal is willing to pay HK$6.30 for all outstanding shares, a 24.8% premium to the last closing price. Baring, Greenwoods Asset Management, Atlantis Capital and Magic's...
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