03.18.19
According to a news release from Coty Inc.—one of the world’s largest beauty companies, with over $9 billion in revenue—the company has filed an amendment to its Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission (SEC) in connection with the tender offer commenced on February 13, 2019 by Cottage Holdco B.V., an affiliate of JAB Holding Company S.à r.l. Pursuant to the offer, Cottage would acquire up to 150 million shares—a 60% total share—of Coty’s Class A common stock at a price of $11.65 per share in cash.
Coty also announced that it has entered into a Stockholders with Cottage, JAB Holdings B.V. and JAB Cosmetics B.V., containing provisions that would become effective upon a consummation of the offer and that are intended to enhance the potential for Coty stockholders following the consummation of the offer to participate in the potential value creation that could result from company management’s execution of its anticipated new strategic plan and to receive a premium for the purchase of their shares in the event of future strategic transactions involving the company’s common equity.
The offer remains subject to various closing conditions, including the receipt of regulatory approvals and clearances, the satisfaction of the Minimum Tender Condition (as defined in Cottage’s tender offer materials) and other conditions stated in the tender offer materials.
More info here.
Coty also announced that it has entered into a Stockholders with Cottage, JAB Holdings B.V. and JAB Cosmetics B.V., containing provisions that would become effective upon a consummation of the offer and that are intended to enhance the potential for Coty stockholders following the consummation of the offer to participate in the potential value creation that could result from company management’s execution of its anticipated new strategic plan and to receive a premium for the purchase of their shares in the event of future strategic transactions involving the company’s common equity.
The offer remains subject to various closing conditions, including the receipt of regulatory approvals and clearances, the satisfaction of the Minimum Tender Condition (as defined in Cottage’s tender offer materials) and other conditions stated in the tender offer materials.
More info here.
