Law Office of Brodsky & Smith, LLC Announces Investigation of Bare Escentuals, Inc.
January 15 2010 - 5:26PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Bare Escentuals, Inc. (“Bare Escentuals” or the “Company”)
(Nasdaq:BARE) relating to the proposed acquisition by Shiseido Co.,
Ltd. (“Shiseido”). Shiseido will acquire Bare Escentuals for
approximately $1.7 billion through an all-cash tender offer. Under
the proposed agreement, Bare Escentuals shareholders will receive
$18.20 for every share of Bare Escentuals common stock they
own.
The investigation concerns possible breaches of fiduciary duty
and other violations of state law related to the Bare Escentuals
board’s approval of the proposed merger. Specifically, if conflicts
of interest played a role in the transaction because after the
acquisition is completed Bare Escentuals will be operated as a
Shiseido subsidiary under its current management, Leslie Blodgett
has agreed to exchange 40% of her existing common stock in Bare
Escentuals for a continuing interest in the Company following
completion of the tender offer, and both the Chief Operating
Officer and Chief Financial Officer have entered into new
employment contracts with Bare Escentuals that take effect upon the
closing of the tender offer.
If you own shares of Bare Escentuals and wish to discuss the
legal ramifications of the proposed acquisition, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza,
Suite 602, Bala Cynwyd, PA 19004, by e-mail at
clients@brodsky-smith.com, or by calling toll free
877-LEGAL-90.
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