On June 17, Gelonhui reported that L'Occitane (0973.HK), which was suspended for half a day, returned to trading in the afternoon and rose to a new high of HKD 33.5, up 2.6%. As for the news, L'Occitane announced a revised privatization plan for its controlling shareholder. L'Occitane said that L'Occitane Groupe S.AG intends to exercise the right of share selection as an additional settlement method for share tender offers and has established a new holding company (i.e. the tenderer) to propose the tender offer and issue continuing stocks based on the share selection. J.P. Morgan will represent the tenderer to make a share tender offer to the minority shareholders in exchange for one of the following two options. If they choose for cash, they will pay HKD 34 in cash per share of tendered stock; if they choose for shares, they will pay 10 continuing shares per share of tendered stock. Assuming that all the minority shareholders accept the share tender offer and choose to receive cash and that all the holders of the vested stock options who held the vested stock options as of the announcement date accept the vested stock option tender offer and that all the holders of the outstanding awards accept the liquidity arrangements, the maximum expected value of the tender offer is: HKD 13.85 billion for share tender offers, HKD 31.575 million for vested stock option tender offers, and HKD 140 million for liquidity arrangements. Once the tenderer acquires at least 90% of the share value involved in the share tender offer within four months from the comprehensive document date (i.e. the share tender offer start date), the tenderer has the right to exercise mandatory acquisition; thereafter, the tenderer shall issue a mandatory acquisition notice to the shareholders to acquire the remaining shares within five months after the comprehensive document date. L'Occitane released a statement at the end of April, announcing that Chairman Reinold Geiger had entrusted J.P. Morgan to carry out privatization, with each share tendered at HKD 34, and stated that there would be no increase in price, with a total of 1.477 billion shares issued and a private valuation of HKD 50.2 billion.