Takeout Rumors have calmed down, but L'Oreal is still looking.
OMPI is bolt on size. Hypothetically of coarse.
(Reuters) - L'Oreal (OREP.PA), the world's biggest cosmetics group, said it was still open to making an acquisition, a day after unveiling plans to return 500 million euros ($669 million) to shareholders.
Chief Executive Jean-Paul Agon said on Tuesday the French company had the "means and the guts" to do a takeover deal, helped by a 1.58-billion-euro cash pile at the end of 2012.
OMPI is facing a proxy fight by Daniel Plant who wants to fire the entire board and some members of top management. In order to retain their jobs OMPI top management is going to buy Suneva using all of OMPI's cash in an attempt to thwart the proxy. The impact to OMPI will be extremely negitive as Management will overpay to get the acquisition done attempting to save their jobs.
The long term result however is they will all lose their jobs and OMPI gets stuck with a money losing company they just overpiad for.