Shares in skin and hair care products maker BWX have soared after it received an unsolicited $810 million buyout from its senior management and a private equity firm.
The owner of the Sukin brand of personal care products received the takeover offer from its chief executive John Humble and finance director Aaron Finlay in partnership with Bain Capital at the close of trade on Monday.
BWX's shares soared on the news, adding $1.56, or 35.6 per cent, to $5.97 on Tuesday.
The suitors are offering $6.60 cash per share, or a 75 per cent shares and 25 per cent cash deal.
BWX has created an independent board committee consisting of chairman Denis Shelley and non-executive directors Ian Campbell and David Fenlon to consider and respond to the indicative proposal.
The company's shares plunged to $4.96 from $7.23 on February 21 after it announced a 34 per cent fall in first half net profit to $5.4 million, and disappointing full-year earnings guidance in the range of $42 million to 46 million.
