Coty Board endorses JAB Holdings offer

Coty Board endorses JAB Holdings offer

Coty has filed an amendment to the tender offer it registered with the Securities and Exchange Commission last week.

Under the offer, Cottage Holdco, an affiliate of JAB Holding Company, would acquire 150 million shares of Coty’s Class A common stock, at US$11.65 per share. If successful, JAB would once again become a majority shareholder with a 60 percent stake for US$1.75 billion.  

The company also announced that it has entered into a Stockholders Agreement with Cottage, JAB Holdings and JAB Cosmetics containing provisions that would come into force upon consummation of the offer and are intended to enhance value for shareholders.

Per yesterday’s filing, the special committee of disinterested independent directors of the company’s Board has considered and evaluated the offer and unanimously ruled that it is in the best interest of shareholders. It is therefore recommending that shareholders accept the offer and tender their shares.

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