Takeovers: A Pantry Raid At Revlon

A Pantry Raid At Revlon

Revlon, the cosmetics giant, responded to a hostile takeover bid last week by putting on its war paint. The company's extra touch was a repellent that could be termed poison lipstick. Pantry Pride, a Fort Lauderdale-based supermarket chain, offered $1.8 billion for Revlon, or $47.50 per share. Declaring that the company was not for sale, Revlon's chairman, Michel Bergerac, and its board of directors adopted a variation on the so-called poison pill defense, in which the takeover target makes itself too financially painful to consume. In Revlon's case, the company would allow all shareholders except the hostile one to trade their...

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