Edgewell Personal Care Co., known for its Schick razors and Bulldog sunscreens, has rejected an unsolicited takeover bid from the private equity firm Yellow Wood Partners. The offer was for $30 per share, which Edgewell's board deemed too low, according to sources familiar with the matter. Following the news, Edgewell's shares experienced a rally after initially falling 1.7% to $22.72 in New York trading.
Edgewell's shares have seen a significant increase of approximately 33% this year, bringing the Shelton, Connecticut-based company's market value to about $1.05 billion. Including debt, the personal care products firm is valued at roughly $2 billion. Yellow Wood Partners, a Boston-based firm, specializes in investments in mid-market consumer brands, with a portfolio that includes Noxzema skin care and Chapstick lip balm.
The rejection highlights the board's belief that the $30 per share offer did not adequately reflect the company's value. Edgewell recently divested its feminine care business, which included brands like Playtex and Stayfree, indicating a strategic focus on its remaining product lines. The unsolicited offer and subsequent rejection underscore potential interest in the personal care sector and Edgewell's specific market position.
