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PARIS – The Estée Lauder Cos. is considering launching a tender offer for all of Puig’s class B shares priced at 18 euros to 19 euros a share, Spanish publication Expansión reported Wednesday.
Expansión did not cite by name its sources of the information.
As previously reported, Lauder and Puig announced on March 23 that they are in talks to merge their businesses.
On Tuesday, Jose Manuel Albesa, Puig chief executive officer, during a call with financial analysts and journalists to discuss first-quarter results, said that conversations with Lauder are ongoing, and that no final decision has been made.
Expansión also wrote Wednesday, citing sources, that the negotiations are still underway and that financial and governance aspects, which are key to the future of the operation, remain to be resolved.
Clinique Moisture Surge 100H Auto-Replenishing Hydrator
Courtesy of Clinique
Expansión said Lauder plans to launch a takeover bid for Puig with a mixed consideration of cash and shares.
The publication said Lauder must offer Puig’s minority shareholders the option of receiving cash considerations for their class B shares, which is why Lauder has commissioned J.P. Morgan to structure a financing package of about 5 billion euros to fund a deal with the Spanish company.
