The Shuman Law Firm announced that it is investigating potential breaches of fiduciary duty and other violations of state law on behalf of shareholders of Bare Escentuals, Inc. (BARE) in connection with the Company's proposed merger with Shiseido Co., Ltd. through an all-cash tender offer and second-step merger.
Under the terms of the merger agreement, Bare Escentuals' shareholders will receive $18.20 per share in cash for each share of Bare Escentuals they own, the company said.
Upon completion of the tender offer, Shiseido said it intends to acquire the remaining outstanding shares of Bare Escentuals' common stock for $18.20 per share through a second-step merger. The tender offer is scheduled to commence within 10 business days and is expected to close during the first quarter of 2010.
The investigation concerns whether Bare Escentuals' Board of Directors undertook a fair process to obtain a fair price for all shareholders of Bare Escentuals.
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