×
69 582
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - ny 59th st
Permanent · NEW YORK
SACK OFF 5TH
Asset Protection Guard
Permanent · FARMINGTON HILLS
JCREW
Merchandise Planner
Permanent · New York
MACY'S
Asset Protection Detective, Pleasanton Stoneridge - Part Time
Permanent · Pleasanton
MACY'S
Asset Protection Officer, West Virginia - Full Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Investigator, West Virginia - Part Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Detective, Coronado Center - Part Time
Permanent · Albuquerque
MACY'S
Asset Protection Detective, Roosevelt - Part Time
Permanent · Philadelphia
MACY'S
Asset Protection Officer, West Virginia - Part Time (2840)
Permanent · Martinsburg
MACY'S
Manager, Merchandise Execution
Permanent · Aventura
MACY'S
Manager, Asset Protection
Permanent · Capitola
MACY'S
Manager, Merchandise Execution
Permanent · Boca Raton
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15 Per Hour
Permanent · TANNERSVILLE
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODSTOCK
URBN
Assistant General Manager (m&v)
Permanent · GLEN MILLS
URBN
Free People Senior Merchandise Planner
Permanent · PHILADELPHIA
L'OREAL GROUP
Analyst - Supply Chain
Permanent · Streetsboro
L'OREAL GROUP
Payroll, Senior Business Analyst (IT Liaison) – l’Oreal Corporate Payroll
Permanent · St. Petersburg
L'OREAL GROUP
Senior Manager- Human Resources, Luxe Supply Chain
Permanent · South Brunswick Township
PRANA
Director, Strategic Accounts & Sales Business Development
Permanent · CARLSBAD
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Stanford
Permanent · PALO ALTO
ROSS
Store Protection Specialist
Permanent · Tampa
Published
Mar 19, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Coty’s special committee announces recommendation of JAB tender offer

Published
Mar 19, 2019

New York-based cosmetics giant Coty Inc. announced on Monday that, having established a series of measures to protect minority shareholders, the special committee of three independent directors formed to evaluate the tender offer commenced by JAB Holding Company on February 13, has recommended that the deal be allowed to proceed.
 

Coty's special committee has recommended that an amended deal be allowed to go forward - Instagram: @cotyinc


JAB, which already owns a 40% stake in Coty, making it the beauty company’s largest shareholder, has offered to acquire a further 150 million shares in the cosmetics conglomerate at $11.65 per share.

The transaction, which would bring JAB’s stake in Coty up to 60%, has been valued at $1.75. billion.

In a filing with the United States Securities and Exchange Commission, Coty reveals that, as part of the amended deal approved by the board’s special committee, JAB has now agreed to a standstill agreement limiting it to purchasing a maximum of 9% more of the company’s shares for a three-year period following the tender offer.
 
Further amendments negotiated by Coty’s special committee mean that the tender offer’s minimum threshold has been raised to 75 million shares (giving JAB a 50% stake), and that any future attempt to take Coty private by JAB would be subject to independent review and approval of the company’s other shareholders.
 
It was also stipulated that, should the deal go ahead, JAB will maintain at least four independent directors on Coty’s board.

Coty, whose brands include Covergirl, Max Factor, Sally Hansen and Rimmel, posted a net loss of $960.6 million, or $1.28 per share, in the second quarter ended December 31, 2018, while revenues declined 4.8% to $2.51 billion.
 
The company, which has been struggling to adapt to a rapidly evolving beauty market, has only post one quarterly net profit in the last two years.
 
Following the announcement of the special committee’s positive recommendation, shares in Coty were up 3.4% on Monday.
 

Copyright © 2023 FashionNetwork.com All rights reserved.