SECONDARY OFFERING BY LAUDER IS PRICED AT $47; SIZE INCREASED
NEW YORK — A secondary offering of 7.215 million shares of class-A common stock of Estee Lauder Cos. was priced late Monday afternoon at $47 a share.
The size of the offering was increased from an originally planned 5.67 million shares.
The shares were sold by Leonard A. Lauder, chairman and chief executive officer of the beauty company, and his brother, Ronald S. Lauder, chairman of the company’s Clinique and Estee Lauder International divisions and a corporate director. The members of the Lauder family will continue to beneficially own 78 percent of outstanding shares and 95.9 percent of the combined voting power.
In its initial public offering in January 1995, the company offered 15.3 million shares of class A common stock priced at $26 a share. On Monday, the stock closed on the New York Stock Exchange at 47 3/8, down 1/4.