Beauty Bids Adieu To The Great Pioneer Estee Lauder
This article was originally published in The Rose Sheet
Executive Summary
Estee Lauder, the entrepreneur who created a cosmetics empire that helped define the American beauty industry, died April 24 at her home in Manhattan at the age of 97, according to the Estee Lauder Companies
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Estee Lauder
Three Lauder family trusts will sell 13 mil. shares of Class A Common Stock to "provide funds to pay estate taxes and meet other obligations" following the recent death of the company's Founding Chairman Estee Lauder (1"The Rose Sheet" May 3, 2004, p. 3). Public offering will consist of 11.3 mil. shares of Class A Common Stock and an additional 1.7 mil. shares "pursuant to an option to be granted to the underwriters," Goldman, Sachs & Co. and J.P. Morgan Securities, Inc., firm says in a May 18 announcement. A registration statement relating to the transaction has been filed with the Securities & Exchange Commission but has not yet become effective, company adds. Following the sale, the Lauder family will still hold 45.5% of outstanding common stock and 88.4% of combined voting power of the common stock...
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