BWX Take over looks imminent, page-27

No deal! Bain Capital walks away from BWX bid

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• by
  
• Sarah Thompson
  
• Anthony Macdonald

BWX is set to end its takeover talks without a takeover.

It's understood the natural skincare group will tell the market on Monday that private equity suitor Bain Capital has walked away without firming up its $6.60 a share bid.

Sources said BWX's top executives, chief executive John Humble and finance director Aaron Finlay, will step down from the board. The pair have been leading the proposed management buyout of BWX alongside Bain Capital.


Interim chief executive Myles Anceschi is expected to be appointed chief executive of the group, sources said.


It's believed Bennelong fund manager and BWX's largest shareholder, Mark East, is supportive of how the independent committee has run the sale process and is backing Anceschi's elevation to CEO.