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Published
Apr 17, 2019
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Coty announces extension of JAB tender offer

Published
Apr 17, 2019

International cosmetics group Coty Inc. gave an update on the status of the tender offer received from Cottage Holdco B.V., an affiliate of JAB Holding Company, on Tuesday, revealing that its expiration date has been pushed back to 5:00 P.M., New York City Time, on April 18.
 

According to Coty, the tender offer is still awaiting regulatory clearance in Russia - Instagram: @maxfactor


The news follows a previous release from Coty at the beginning of the month, which announced the extension of the expiration date from March 29 to April 15.
 
At the time, Coty said that Cottage had informed the New York-based beauty giant that the required regulatory approvals, clearances and waiting periods related to the deal between the two companies had been received or expired in Brazil, Canada, China, the European Union, Mexico, South Africa, Turkey, Ukraine, the United Kingdom and the United States, but that clearance in Russia was outstanding.

On Tuesday, Coty revealed that regulations in the Eastern European state were again the reason behind the second extension of the expiration date, explaining that the “offer is being extended to coordinate with the anticipated timing of the one remaining regulatory approval in Russia.”
 
If completed, the tender offer, first made on February 13, would see JAB acquire 150 million shares in Coty at $11.65 a share. The $1.75 billion deal would thereby take JAB’s current 40% stake in Coty up to around 60%, making it the cosmetics conglomerate’s largest shareholder.
 
In March, following negotiations over the initial terms of the proposed deal, a special committee established by Coty to assess the tender offer, recommended that the transaction be allowed to proceed. The transaction’s conclusion remains subject to a number of closing conditions, including the regulatory clearance mentioned above.
 
Coty, whose brands include Covergirl, Max Factor, Sally Hansen and Rimmel, reported $2.51 billion in revenues in Q2 2019, reflecting a 4.8% decline from the prior-year period. The company’s products are currently sold in over 150 countries around the world.

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