The founders of Harry's are speaking out after a conglomerate that agreed to buy it for $1.4 billion pulled out of the deal to avoid a government fight
Edgewell, a conglomerate of shaving and skincare companies, has pulled out of an agreement to buy rival Harry's to avoid a costly court battle with the government.on antitrust grounds, arguing that the deal would neutralize one of the most successful challengers in a market that's already highly concentrated. Edgewell and its much larger rival, Proctor & Gamble, Gillette's owner, have dominated the wet shave razor market for decades.
Jeff Raider and Andy Katz-Mayfield, the cofounders and co-chief executive officers of Harry's, expressed their frustration on Monday that Edgewell's board would back down from the deal. "We believe we would have prevailed in litigation, and are disappointed by the decision by Edgewell's board not to see this process to its conclusion," they said in a joint statement. They also criticized regulators for their "disregard of the facts."Edgewell, which has a market value of $2 billion, said in a statement that Harry's has said it plans to pursue litigation against it. A spokeswoman for Harry's would not comment on a potential suit.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
I bought $1 million of life insurance in case I have heart trouble - Business InsiderNo one, other than insurance agents, gets excited about life insurance. Well, not exactly. In 2012, I'll admit I was excited to get life insurance.
Les mer »
WeWork chairman says it's 'totally false' that ousted CEO Adam Neumann left with $1 billionWeWork Executive Chairman Marcelo Claure said that Neumann didn't walk away with the over $1 billion package that was estimated.
Les mer »
So, Are Meghan Markle and Prince Harry BFFs with J.Lo and A-Rod Now?Are Meghan Markle and Prince Harry totally BFFs with J.Lo and A-Rod now?
Les mer »
Meghan Markle and Prince Harry Are Reuniting With the Royal Family Sooner Than You ThinkThey are headed back to the U.K. at the queen's request.
Les mer »
Queen Elizabeth Requests Meghan Markle, Prince Harry & Baby Archie's Return to U.K. for Royal EventQueen Elizabeth requests Meghan Markle, Prince Harry & baby Archie's return to U.K. for royal event
Les mer »
Prince Harry and Meghan Markle Will Return to England for a 'Final Round of Official Engagements'Prince Harry and Meghan Markle will return to England for the last of their royal duties and engagements before fully stepping down.
Les mer »