In Brief: L'Oreal/Maybelline merger

L'Oreal/Maybelline merger: Department of Justice's Antitrust division will "raise no objection to L'Oreal's acquisition of Maybelline," the Paris-based firm announced Feb. 8, one day before L'Oreal S.A.'s cash tender offer of $44 per share for all Maybelline's outstanding common shares was set to expire. The previous Feb. 2 deadline had been extended to Feb. 9 at the request of DOJ, which was reviewing information about the proposed merger ("The Rose Sheet" Feb. 5, In Brief). As of Feb. 7, about 63% of Maybelline's approximately 14 mil. shares outstanding had been tendered, L'Oreal said. Separately, in a move to deter a hostile takeover, Maybelline adopted a stockholder rights plan Feb. 2 to "ensure the continued orderly sales process." The plan "will not interfere with" L'Oreal's proposed purchase or "prevent any other business combination transaction approved by Maybelline's Board of Directors," Maybelline noted. The rights issued under the plan initially will trade together with Maybelline's common shares and will only be excercisable under limited conditions, including the purchase of 10% or more of Maybelline's common shares, subject to certain exceptions, the firm said...