Shiseido to buy Bare Escentuals for $1.7 bn
Tokyo: Japan`s top cosmetics maker Shiseido Co said Friday it had agreed to buy Bare Escentuals of the US for $1.7 billion in a friendly takeover.
The management of the two companies have struck a definitive agreement on an all-cash tender offer of 18.20 dollars per share for Bare Escentuals, a maker of mineral-based cosmetics, Shiseido said in a statement.
Shiseido, Japan`s largest cosmetics company, has enjoyed fast-growing profits in recent years, helped by booming demand for beauty products in China and other Asian markets.
With the takeover offer, which must be accepted by a majority of Bare Escentuals shareholders, Shiseido aims to expand its brand into mineral-based products and widen its customer base.
"This acquisition further enables Shiseido to move towards our goal of becoming a global player representing Asia with its origins in Japan," Shiseido chief executive Shinzo Maeda said in a statement.
"The operational fit and future growth prospects make this an excellent transaction for our customers, employees and shareholders."
Bare Escentuals aims to benefit from Shiseido`s distribution channels in Japan and Asia, particularly its strong foothold in China.
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