Revlon deal pushes Elizabeth Arden shares up 49%
Revlon Inc. said late Thursday it has agreed to buy Elizabeth Arden Inc. for an all-cash deal of $14 a share, a 50% premium, valuing Elizabeth Arden at about $870 million. By buying the beauty-product rival, Revlon will benefit from "greater scale, an expanded global footprint, and a significant presence across all major beauty channels," the companies said in a statement. They predicted cost savings around $140 million. Shares of Revlon were flat in late trading, while shares of Elizabeth Arden rose 49%. The stocks had ended the regular session up 0.2% and down 0.2%, respectively.
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