Elizabeth Arden Shares Rise on Reports

The firm is said to have hired Goldman Sachs to help it explore a sale of the company.

ARDEN SHARES RISE: Shares of Elizabeth Arden Inc. rose 13.1 percent Thursday following reports that it hired Goldman Sachs to help it explore a sale of the company. A spokesman for Goldman declined comment, as did a spokeswoman for Arden.

The news that Arden might have hired a banker, first reported by Reuters, follows Wednesday’s disclosure by LG Household & Health Care Ltd. confirming that Arden is one of several possible acquisition targets of the Seoul-based firm. A spokeswoman for LG said Thursday that in response to a clarification request by the Korea Stock Exchange, the company said the “various M&A opportunities” are part of the firm’s “mid- to long-term growth strategy” and that there are no specific details that have been determined yet. It also gave May 22 as the estimated date for further update on the status of its review.

This story first appeared in the April 25, 2014 issue of WWD.  Subscribe Today.

Shares of Arden closed at $36 in Nasdaq trading.

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