LAUDER FAMILY TO SELL 10M SHARES
NEW YORK — Estee Lauder Cos. Inc. said the Lauder family plans to sell 10 million shares of common stock.
In a statement, the company said that following the offering, the Lauder family would own about 58 percent of the firm’s outstanding common stock and 92 percent of the combined voting power.
The company is not selling any shares and will not receive any proceeds from the offering. Underwriters include Goldman Sachs, Merrill Lynch and J.P. Morgan.
Shares of Lauder closed at 45 11/16, down 3 7/8, Friday on the New York Stock Exchange. Its 52-week high is 56 1/2 and its low, 37 1/4.