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L'Oreal proposes to buy China's Magic Holdings

L’Oréal and Magic Holdings International earlier today issued a joint announcement regarding L’Oréal’s proposal to acquire all of the shares of Magic Holdings International Limited, a company listed in the Hong Kong Stock Exchange. The proposed price is HK$6.30 per share. L’Oréal’s proposal is supported by Magic’s board of directors. Six key shareholders, representing 62.3% of the company’s equity, are already committed to supporting L’Oréal’s proposal. The implementation of the transaction is subject to the approval of the Ministry of Commerce of the People’s Republic of China.