Elizabeth Arden Evaluating Partial Tender Offer By Rhone Capital

Shares of Elizabeth Arden 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.