Word: revlon
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Michel Bergerac, the ousted chairman of Revlon, would surely agree. Revlon spent nearly five months trying to elude Pantry Pride, a Florida supermarket chain that is about one-third Revlon's size, but the cosmetics king was finally acquired for $2.7 billion in November. Though Bergerac's pain at seeing his company bought was eased by a $36 million parting settlement, or golden parachute, he still talks like a bitter man. "The whole thing was crazy," he says. "Here we built a great American corporation. Then through this process the stock ended up in the hands of arbitragers, who forced...
...consolidation craze has created opportunities for sudden Croesus-style riches. For aiding Pantry Pride in its fight for Revlon, financial advisers and lawyers stand to gain more than $100 million. The winners include Drexel Burnham, which sold the junk bonds to finance the deal and is earning an estimated $60 million...
Richardson-Vicks, which sells such popular products as NyQuil cough syrup and Clearasil acne cream, agreed to sell out to Procter & Gamble for $1.24 billion and thus avoid a bid from Unilever. Revlon, which markets items ranging from Charlie perfume to Tums antacid tablets, eluded Pantry Pride by accepting a buy-out offer of about $1.7 billion from Forstmann Little. If the deals go through, Richardson-Vicks and Revlon will join General Foods (Jell-O, Maxwell House coffee) and Nabisco (Oreo cookies, Ritz crackers) on the list of consumer-goods titans being taken over this year...
...more than a month, meanwhile, Revlon, a star of the cosmetics industry, has been fighting off the advances of Pantry Pride, a Fort Lauderdale-based retail chain whose stores are mostly in the Southeast. Pantry Pride initially offered $47.50 a share and eventually $53, but Revlon Chairman Michel Bergerac landed a $56-a-share bid, for a total of $1.7 billion, from Forstmann Little, a New York investment firm...
That complex merger calls for Forstmann to sell Revlon's beauty-products business to Adler & Shaykin, another New York investment firm, for about $900 million. Forstmann will spin off several other Revlon units to New York-based American Home Products for an estimated $350 million. The transactions will leave Forstmann with the rest of Revlon's health-care business, including prescription drugs and contact lenses...