Cosmetics Maker Revlon To Buy Elizabeth Arden In $870M Deal
June 16, 2016
Cosmetics maker Revlon Inc. said it would buy Elizabeth Arden Inc. in a deal valued at $870 million to boost its portfolio of skincare products and fragrances and expand its global footprint.
Elizabeth Arden shares rose nearly 49 percent to $13.85 in extended trading Thursday, just shy of the cash offer price of $14 per share. Revlon shares rose slightly to $31.30.
The deal has an equity value of $419 million, based on Elizabeth Arden’s total outstanding shares as of May 3.