Cosmetics maker Revlon buys Elizabeth Arden for $US870m

 In Australia, International, NewZealand
Revlon, the makeup company controlled by billionaire Ron Perelman, will buy Elizabeth Arden Inc. for $US14 a share, adding celebrity fragrances and other products to its cosmetics lineup.
The transaction values Elizabeth Arden at about $US870 million ($1.2 billion), New York-based Revlon said in a statement on Thursday. The cash transaction represents a 50 percent premium over Elizabeth Arden’s closing price of $US9.31.
The deal marks a turnabout for investors, who had been speculating earlier this year that Revlon might be an acquisition target — rather than a buyer. Perelman’s investment firm, MacAndrews & Forbes, announced in January that it would explore strategic alternatives for Revlon. That sent the shares surging as shareholders wagered that a buyout of the company was in the offing. Sydney Morning Herald – Read more…

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