Elizabeth Arden Shares Rise on Reports

The firm is said to have hired Goldman Sachs to help it explore a sale of the company.

ARDEN SHARES RISE: Shares of Elizabeth Arden Inc. rose 13.1 percent Thursday following reports that it hired Goldman Sachs to help it explore a sale of the company. A spokesman for Goldman declined comment, as did a spokeswoman for Arden.

The news that Arden might have hired a banker, first reported by Reuters, follows Wednesday’s disclosure by LG Household & Health Care Ltd. confirming that Arden is one of several possible acquisition targets of the Seoul-based firm. A spokeswoman for LG said Thursday that in response to a clarification request by the Korea Stock Exchange, the company said the “various M&A opportunities” are part of the firm’s “mid- to long-term growth strategy” and that there are no specific details that have been determined yet. It also gave May 22 as the estimated date for further update on the status of its review.

Shares of Arden closed at $36 in Nasdaq trading.

load comments


Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

getIsArchiveOnly= hasAccess=false hasArchiveAccess=false