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An investment firm that had an agreement to buy Revlon's cosmetics business filed a suit this week accusing Revlon's new owners of illegally pulling out of the $905-million deal.
shares to Revlon Group, which lowered its original tender offer by $6 a share to $29.50, claiming that Frigitronics' financial performance had deteriorated.
A Delaware Chancery Court judge issued a temporary restraining order against Revlon, preventing the
Revlon Group said that Frigitronics had agreed to a takeover offer of $34.50 a share, or about $113
The Fort Lauderdale, Fla.-based company boosted its offer to $56.25 a share from $53.
Pantry Pride confirmed Monday that it has acquired control of Revlon, but it remained quiet on its plans for the cosmetics and health-care concern.
Cosmetics giant Revlon Corp. has scrapped its attempt to seize control of Gillette Co., which will