自然美销售下滑店门缩量 独特加盟模式被质疑（Sales decline of natural beauty shop franchise model is unique Suoliang questioned）.doc

自然美销售下滑店门缩量 独特加盟模式被质疑（Sales decline of natural beauty shop franchise model is unique Suoliang questioned） Every reporter Lu Xi from Shanghai Cosmetics companies listed in the United States in 2002, natural beauty, launched the second attempt to privatize. October 20th, the natural beauty in a brief suspension after resumption of trading and announcement, revealed another round of sale of shares program. Founder Cai Yanpings family firm and Carlyle fund will hold 32.77% of the natural beauty directly or indirectly, and will offer a comprehensive proposal to the minority shareholders. 32.77% stake in Carlyle October 20th, the resumption of natural beauty. Notice that the natural beauty of the major shareholder and chairman Cai Yanping, executive director of Su Jiancheng with 65.53% of the shares and Su sh hsyu will be held by the new company, and 50% stake in the new company, which is the natural beauty of the 32.77% stake, to HK $819 million 800 thousand sold to CANB (i.e., Carlyle Asia). The price of the transaction was HK $1.25 / share, a 8.09% discount to HK $1.36 / share before the suspension. The new company will make a full offer to minority shareholders at the same price, and will write off 520 thousand options at the price of HK $1 each, and try again to privatize the natural beauty. This is the second attempt to privatize the natural beauty. In November 2008, private equity firm CVC tried to privatize the natural beauty at a cost of about HK $1 billion 200 million. At that time, there are two kinds of program are given, one is cash, that is the natural beauty of HK $1.20 per share to shareholders for cash; two in cash and stock, the shareholders can choose to share in exchange for 0.000047 shares of privately-held company common stock and 0.117868 shares of preferred stock, plus $0.28 in cash. At that time, the Cai Yanping family, which owns over 60% of the natural beauty, accepted the proposal and chose stock plus cash. However, the price of HK $1.2 per sha