Edgewell, a conglomerate of shaving and skincare companies, has pulled out of an agreement to buy rival Harry's to avoid a costly court battle with the government.on antitrust grounds, arguing that the deal would neutralize one of the most successful challengers in a market that's already highly concentrated. Edgewell and its much larger rival, Proctor & Gamble, Gillette's owner, have dominated the wet shave razor market for decades.
Jeff Raider and Andy Katz-Mayfield, the cofounders and co-chief executive officers of Harry's, expressed their frustration on Monday that Edgewell's board would back down from the deal. "We believe we would have prevailed in litigation, and are disappointed by the decision by Edgewell's board not to see this process to its conclusion," they said in a joint statement. They also criticized regulators for their "disregard of the facts."Edgewell, which has a market value of $2 billion, said in a statement that Harry's has said it plans to pursue litigation against it. A spokeswoman for Harry's would not comment on a potential suit.
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