(Reuters) – Australia’s BWX Ltd <BWX.AX>, a marketer of branded skin and hair care products, on Monday said it received an unsolicited takeover proposal from two senior company officers in partnership with Bain Capital Private Equity, valuing the company at A$803.4 million ($603.1 million).
The offer is for A$6.60 per share in cash, or alternatively, a 75 percent payment in scrip for the newly incorporated entity and the rest in cash, BWX said in statement.
A$6.60 per share in cash represents a 50 percent premium over BWX’s last close of A$4.41.
The BWX board said it had established an independent board committee to assess the offer, and recommended that shareholders take no action while the committee considered the proposal.
The offer from Chief Executive Officer John Humble, Finance Director Aaron Finlay and Bain Capital is conditional upon a unanimous recommendation from the committee, the statement said.
The company reported in February a first half net profit attributable to members of A$5.4 million, 34 percent lower than a year earlier.
(Reporting by Susan Mathew in Bengaluru; Editing by Christian Schmollinger and Darren Schuettler)