Estee Lauder
This article was originally published in The Rose Sheet
Executive Summary
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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Estee Lauder stock offering
Offering of approximately 11.3 mil. shares of Class A common stock, priced at $44.50 per share, by three Lauder family trusts did not result in the sale of any shares, and the firm will receive no proceeds from the offering, company reports June 8. Offering, announced May 18, was expected to provide funds "to pay estate taxes and meet other obligations" following the recent death of Lauder's Founding Chairman Estee Lauder (1"The Rose Sheet" May 24, 2004, In Brief). Transaction is scheduled to close June 14. Separately, firm announces June 7 it has been named a defendant in litigation brought by the New York state attorney general's office with respect to hazardous waste dumped at a landfill in Islip, New York. While the company may be liable for part of the cost of the investigation and cleanup, which is estimated by the attorney general to be $16 mil., Lauder does not believe the issue will have "material adverse effect" on finances...
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