Coty's Shares Pop on Potential for Increased JAB Stake; Long-Term Thesis Remains Intact
On Feb. 12, Coty's largest shareholder, JAB, proposed a partial tender offer to acquire up to 150 million shares of its common stock. The offer price of $11.65 represents a 21% premium to the prior day's closing share price and 28% premium to the 90-day volume-weighted average share price, as well as a roughly 19 times multiple to the consensus earnings per share estimate (which strikes us as reasonable, as the multiples we've seen in the space are in the high-teens or above). JAB currently hold...Coty and its subsidiaries are a beauty company. The company manufactures, markets, sells and distributes beauty products, including fragrances, color cosmetics, hair care products and skin and body related products. The company is organized into three divisions, which is also its operating and reportable segments: Consumer Beauty, Luxury and Professional Beauty. Consumer Beauty is primarily focused on color cosmetics, retail hair coloring and styling products, body care and mass fragrances. Luxury is primarily focused on fragrances, skincare and cosmetics. Professional Beauty is primarily focused on hair and nail care products for salon personnel.
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