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Beauty Industry, Mergers and Acquisitions

Law Office Investigates Claims Against Elizabeth Arden’s Board

Brodsky & Smith says there are potential violations relating to the company's sale to Revlon.

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By: Marie Redding

Senior Editor, Rodman Media

The law office of Brodsky & Smith is recruiting shareholders for a potential lawsuit. The company stated in a press release that it is “investigating potential claims against the Board of Directors of Elizabeth Arden, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Revlon, Inc.”

Elizabeth Arden shareholders are expected to receive $14.00 in cash for each share of Elizabeth Arden stock they own. Brodsky & Smith says that the transaction might be undervaluing the company, resulting in a loss for many long-term Elizabeth Arden shareholders.

The law office gives an example, explaining that Elizabeth Arden stock traded at $18.24 per share on January 14, 2015, however, Revlon will pay less than one times Elizabeth Arden sales, when beauty companies have previously sold for two to three times sales.

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Revlon To Acquire Elizabeth Arden





 

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