Investment funds affiliated with Rhône Capital have commenced a tender offer to acquire up to an additional 6.4 million shares of Elizabeth Arden Inc., or 20 percent of the outstanding shares of common stock, at a cash purchase price of $17 a share.
The investors on Aug. 19 acquired 50,000 shares of Arden’s Series A preferred stock and warrants to purchase nearly 2.5 million shares of the beauty firm’s common stock pursuant to a private placement. At the time, they stated their intention to increase their stake in the beauty firm.
Rhône and Arden have an agreement in place with standstill restrictions that cap the investment group’s stake at 30 percent of Arden. Under that agreement, Rhône also has the right to designate a member to Arden’s board, as well as add a second member under certain conditions.
Arden's board said Wednesday it will evaluate Rhône's tender offer. Under applicable law, Arden's board has 10 business days to evaluate the offer and reach a decision following the offer's commencement. Arden is asking shareholders to defer taking any action until after they've been advised of the board's position regarding the offer.
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