Revlon (REV) announced plans to acquire Elizabeth Arden in an all-cash deal after Thursday's market close. Revlon will be acquiring all of Elizabeth Arden's (RDEN) outstanding shares for $14 a share, which represents a 50% premium to Thursday's closing price of $9.31. The combined companies are expected to realized $140 million in cost synergies from eliminating redundancies, and optimizing manufacturing and distribution networks. Revlon says it plans to further enhance Elizabeth Arden's brand while maintaining its prestige heritage.
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