Bare Escentuals investor Sandler Capital sells 1.47 million shares

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Bare Escentuals, Inc. shareholders led by Sandler Capital Management sold 1,468,718 shares of the company's stock between Sept. 28 and Oct. 9 at prices from $9.50 to $12.99 per share, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

The investors also sold 100 options. Each option allows the holder to purchase 100 shares.

Sandler beneficially owns 3,740,182 shares, or 4.1%, of the San Francisco-based cosmetics and skin-care products company's outstanding stock.

In August, Sandler said it wanted discuss ways to enhance Bare Escentuals' value with the company's board and management.

Sandler, in a letter to the company's board of directors, suggested that Bare Escentuals improve communication efforts with the investment community, use the strength of the balance sheet to buy back stock and explore strategic alternatives including a possible sale of the company.

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