Hong Kong Stock Market | L'Occitane Resumes Trading with a Sharp Decline of Over 28% as Controlling Shareholder Decides Not to Submit Voluntary General Offer for Full Acquisition
L'Occitane's stock plummeted more than 28% upon resumption of trading. As of the time of writing, it has dropped 28.42% to HKD 19.9, with a turnover of HKD 7.1988 million.
According to Dolphin Research APP, L'Occitane (00973) resumed trading with a sharp drop of over 28%, as of the time of writing, it fell 28.42% to HKD 19.9, with a turnover of HKD 7.1988 million.
In terms of news, L'Occitane announced that on September 3, 2023, the company received a notification from its controlling shareholder stating that the shareholder has decided not to proceed with any potential transactions. The tender offer period started on August 11, 2023, and ended on the date of this announcement. The company has applied for the resumption of trading from 9:00 am on September 5, 2023.
Previously, L'Occitane announced that its controlling shareholder, L'Occitane Groupe S.A., is considering a potential transaction. Assuming the transaction is confirmed, it is expected that the controlling shareholder will make a conditional voluntary general offer under the Takeovers Code.