Australian cosmetics firm BWX to remain independent; names new CEO

Australia’s BWX Ltd, a marketer of branded skin and hair care products, said on Monday it will remain independent after a Bain Capital-led consortium failed to submit a binding proposal and withdrew its takeover offer.

BWX also appointed interim Chief Executive Myles Anceschi as permanent CEO and managing director.

In May, the company received an unsolicited takeover offer from former CEO John Humble, Finance Director Aaron Finlay and Bain Capital, valuing the company at A$803 million ($574 million).

BWX said Humble would resign as as managing director and CEO while Finlay would resign as finance director and joint company secretary.

Bain Capital representative could not be immediately reached for a comment.