Coty Reports Buyback Of Shares From Berkshire Partners And Rhone Capital

By RTT News, 
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(RTTNews.com) - Beauty products maker Coty Inc. ( COTY ), as part of an ongoing share repurchase strategy, has agreed to purchase nearly 27.89 million Class B shares owned by investment funds affiliated with Berkshire Partners and Rhone, representing all the Class B shares they would own on the purchase date. Coty would buy the shares at a price of $16.7779 based on the prior 5-day volume weighted average price. The total consideration for the 28 million shares would total $468 million. As part of this transaction, Brad Bloom from Berkshire and Steve Langman from Rhone would resign their roles on the board, and the Coty board would include 8 members.

Coty Chief Financial Officer, Patrice de Talhouet, stated: "This repurchase of shares is in addition to our recently announced $200 million incremental share repurchase program authorized by our Board, and demonstrates our ongoing confidence in Coty's strategy to generate long-term profitable growth and strong cash flow."

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