Skin and hair care group BWX has said two of its senior executives and private equity firm Bain Capital, who together made a $800 million takeover offer for the company, have completed due diligence but need until mid-September to complete work on the offer.
An independent BWX board committee, which undertook a strategic review after the offer, said it would continue talks with the Bain consortium to reach an acceptable binding offer.
BWX, a marketer of branded skin and hair care products, received the unsolicited offer in May from Chief Executive John Humble, Finance Director Aaron Finlay and Bain Capital, for $6.60 per share, valuing the company at $803 million.
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