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McPherson’s (ASX:MCP) rejects $172M takeover offer
Source: MCP
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Beauty and glamour conglomerate McPherson s (MCP) has rejected a buyout bid it s described as utterly opportunistic
Rich-lister Raphael Geminder, a stakeholder in the brand, offered $172 million for McPherson s through the Gallin group
McPherson s told its shareholders on Thursday to take no action on the offer
McPherson s share price has declined since last year in a dampened COVID-19 market and is now under the leadership of a new Chief Executive
The beauty brand will release a market update in May, but Gallin and the hopeful buyers are pressuring McPherson s for a new trading update
âTotally inadequateâ: Fight over beauty firm McPhersonâs turns ugly
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A war of words has erupted between takeover target McPhersonâs and rich lister Raphael Geminder over a $172 million takeover bid lobbed in late March, with both sides refusing to budge from their respective positions.
The ASX-listed beauty company told shareholders on Thursday to take no action on the takeover bid pitched by Gallin, a subsidiary of Mr Geminderâs family office Kin Group, labelling the offer âutterly opportunisticâ as it undertakes an operational review of the business.
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Why the McPherson’s (ASX:MCP) share price is sinking lower again
James Mickleboro | December 10, 2020 10:11am |
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McPherson’s Ltd (ASX: MCP) share price is dropping lower again on Thursday.
At the time of writing, the health, wellness, and beauty products company’s shares are down 6.5% to $1.17.
This means the McPherson’s share price is now down over 65% from its 52-week high of $3.40.
What did McPherson’s announce?
This morning the company announced that its Chief Executive Officer and Managing Director, Laurie McAllister, has resigned with immediate effect.
This follows a dreadful year for McPherson’s which has seen the company’s performance and share price deteriorate materially.