Shiseido Starts $1.7 Bil. Offer for Bare Escentuals
By wchung | 19 Mar, 2026

A shopper walks out of a Bare Escentuals shop in San Francisco, Friday, Jan. 15, 2010. Shiseido Co. is buying San Francisco-based Bare Escentuals Inc. in a $1.7 billion deal that brings together one of the world's oldest cosmetics companies with a hip, rising star. (AP Photo/Marcio Jose Sanchez)

Japanese cosmetics maker Shiseido Co. said Monday it has started a tender offer to buy all outstanding shares of Bare Escentuals in its effort to acquire the company for $1.7 billion.

Bare Escentuals Inc., based in San Francisco, makes bareMinerals foundation and products under the RareMinerals, Buxom and md brands.

Shiseido’s tender offer is for $18.20 per share in cash. The Japanese makeup and skin care products company, whose shares are listed on the Tokyo Stock Exchange, announced the deal on Jan. 15.

The acquisition will be Shiseido’s biggest purchase since its founding in 1872 as Japan’s first Western-style pharmacy. It aims to use the acquisition to strengthen its U.S. presence and expand its products to mineral-based cosmetics.

The tender offer is scheduled to expire on March 8, with the possibility of extensions. A majority of Bare shares must be tendered as a condition of the offer. Also, the deal depends on Bare CEO Leslie Blodgett staying with the company and the deal gaining regulatory approval.

In exchange for contributing their shares, Blodgett and her affiliates will get an indirect 2.43 percent stake as well as an undisclosed amount of cash. The rest of the shares will be acquired for $18.20 each in a second step.

Bare’s board has approved the deal.

Bare Escentuals’ shares fell 1 cent to $18.11 Monday. They have traded in a range of $2.45 to $18.20 in the past 52 weeks.

1/25/2010 9:51 PM The Associated Press