BENCKISER BIDS $37 FOR MAYBELLINE
NEW YORK — Maybelline Inc. said late Wednesday it has received an unsolicited letter from Joh. A. Benckiser GmbH offering to buy the U.S. cosmetics company for $37 a share.
Last month, L’Oreal reached an agreement to buy Maybelline for $508 million, or $36.75 a share.
In the letter, according to Maybelline, Benckiser said it remains prepared to increase its offer to an amount that is “materially higher” than $37, if certain conditions are met. Most of Benckiser’s conditions are designed to avoid a bidding war with L’Oreal.
As reported, Maybelline received a letter last week from Benckiser, a German manufacturer of cosmetics and detergents, offering to buy the company for an unspecified price.
The latest offer was disclosed after the close of the market Wednesday. Maybelline’s stock closed unchanged at 39 1/2 on the New York Stock Exchange.