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LG Household & Health Care on Thursday said it has dropped its plan to acquire U.S. cosmetics firm Elizabeth Arden Inc.
“We had considered buying Elizabeth Arden but decided not to push ahead with the deal in order to seek a better alternative in raising our corporate value in the long term,” the company said in a regulatory filing.
“We plan to push for various mergers and acquisitions as part of our mid- and long-term growth strategy in the future.”
As of last year, Elizabeth Arden had stores in 120 countries with sales of $1.34 billion.
Based on the revenue figures, industry watchers had said the price tag of Elizabeth Arden would surpass 1 trillion won ($960 million).
LG Household was said to be holding about 1.5 trillion won in cash as it weighed whether it would pursue the deal or not. In the past, the company sealed smaller deals at home and abroad, including M&As with The Face Shop and Fruits & Passion.
(jyseo@heraldcorp.com)
“We had considered buying Elizabeth Arden but decided not to push ahead with the deal in order to seek a better alternative in raising our corporate value in the long term,” the company said in a regulatory filing.
“We plan to push for various mergers and acquisitions as part of our mid- and long-term growth strategy in the future.”
As of last year, Elizabeth Arden had stores in 120 countries with sales of $1.34 billion.
Based on the revenue figures, industry watchers had said the price tag of Elizabeth Arden would surpass 1 trillion won ($960 million).
LG Household was said to be holding about 1.5 trillion won in cash as it weighed whether it would pursue the deal or not. In the past, the company sealed smaller deals at home and abroad, including M&As with The Face Shop and Fruits & Passion.
(jyseo@heraldcorp.com)
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Articles by Korea Herald
