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Estee Lauder stock offering

This article was originally published in The Rose Sheet

Executive Summary

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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