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Revlon buyout proposal

This article was originally published in The Rose Sheet

Executive Summary

MacAndrews & Forbes Holdings, which owns 75% of Revlon's stock, has proposed to buy out minority shareholders, the cosmetics firm reports April 20. Under the terms of the proposal, all outstanding shares of Revlon's Class A common stock not held by MacAndrews & Forbes or its affiliates would be converted into $75 mil. worth of preferred shares (approximately 20 mil. shares at $3.74 per share). The stock would be redeemed after four years and would pay an annual cash dividend of $12.5%. In exchange MacAndrews & Forbes would forgive $75 mil. of a $107 mil. loan to Revlon's wholly-owned subsidiary Revlon Consumer Products Corp, and extend the loan's maturity to 2013. Revlon's board of directors is reviewing the deal

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