Elizabeth Arden Evaluating Partial Tender Offer By Rhone Capital
Shares of Elizabeth Arden (NASDAQ: RDEN) spiked sharply higherbefore falling back, on news that Rhone Capital has submitted a partial tender offer to acquire up to 6,442,013 shares of the outstanding common stock of the company for 17.00 per share cash.
This follows a previous announcement by Rhone Capital to increase their investment in Elizabeth Arden after a purchase of 50,000 shares of the preferred stock and warrants with as strike price of $20.39 per share, constituting approximately 7.6 percent of the outstanding common stock of Elizabeth Arden.
Initially following Wednesday's announcement, shares moved 6.2 percent higher from $17.50 to $18.60.
Share were last trading at $18.32, up 5.8 percent.
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