Revlon to buy peer Elizabeth Arden for US$419m
Cosmetics giant bets that the merger can reinvigorate both companies' brands
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New York
REVLON Inc will acquire Elizabeth Arden Inc for about US$419 million, a wager that uniting two ageing cosmetics giants can reinvigorate both companies' brands.
The US$14-a-share deal values Elizabeth Arden at about US$870 million when debt is included, New York-based Revlon said on Thursday. The cash transaction represents a 50 per cent premium over Elizabeth Arden's closing price of US$9.31.
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