Jun. 23 at 12:10 AM
Edgewell Personal Care shares rose in after-hours trading Monday following a Bloomberg report that the company rejected an unsolicited takeover offer from private equity firm Yellow Wood Partners.
The bid, valued at
$30 per share, was deemed too low by the board, according to sources cited by Bloomberg. The stock traded around
$25 in after-hours after closing at
$22.72.
Edgewell is up roughly 33% year-to-date, giving it a market cap of about
$1.05B and an enterprise value near $ 2B. The company was spun off in 2015 from Energizer Holdings and owns brands including Schick, Wilkinson Sword, Hawaiian Tropic, and Wet Ones.
Yellow Wood Partners is a Boston-based PE firm with consumer brands such as ChapStick, Dr. Scholl’s, and Noxzema in its portfolio. The rejection suggests the board believes the company is worth more than the offer, especially given recent share performance.
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