Body Shop to stay separate business
Health and beauty giant L'Oréal announced this morning that its 300p a share cash offer for Body Shop has been accepted. The deal values Body Shop at£652 million.
L'Oréal said the Body Shop will run seperately and will continue to be headed by its current management team.
Body Shop chairman Adrian Bellamy said: 'For the shareholders, L'Oreal's offer is a significant premium to the share price and I believe provides an opportunity for them to now realise fully the prospects for the group on a stand alone basis.'
L'Oreal chairman and CEO Sir Lindsay Owen-Jones said: 'A partnership between our companies makes perfect sense. Combining L'Oreal's expertise and knowledge of international markets with The Body Shop's distinct culture and values will benefit both companies.'
In the year to February 26, Body Shop's sales were£419 million.
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