08.28.14
Is Elizabeth Arden, Inc. set for a financial turnaround? In the wake of recent news of a financial decline, in part due to the falling out of celebrity fragrance brands such as Justin Bieber and Taylor Swift, the global prestige beauty products company has announced that Nightingale Onshore Holdings L.P. and Nightingale Offshore Holdings L.P., investment funds affiliated with Rhône Capital L.L.C. have commenced a partial tender offer to acquire up to 6,442,013 shares of the Arden’s outstanding common stock, constituting approximately 20% of such outstanding common stock (including shares of common stock underlying warrants held by Rhône Capital), at a cash purchase price of $17 per share. The commencement of the offer is consistent with Rhône Capital’s previously announced intention to increase their investment in Arden following Rhône Capital’s purchase of 50,000 shares of the company’s Series A Serial Preferred Stock and warrants to purchase 2,452,267 shares of the company’s common stock at an exercise price of $20.39 per share, constituting approximately 7.6% of the outstanding common stock of the company on an as-exercised basis, pursuant to a private placement on August 19, 2014.
Arden intends to evaluate the offer, and its board will advise company shareholders of its position regarding the offer within 10 business days.
Arden intends to evaluate the offer, and its board will advise company shareholders of its position regarding the offer within 10 business days.