Overview
- Spanish outlet Expansión, relayed by WWD, reported that Estée Lauder proposed making Marc Puig co-chair of a combined board alongside William Lauder.
- Puig chief executive Jose Manuel Albesa told analysts and reporters that talks with Lauder continue and no final decision has been reached.
- Expansión also reported that Lauder is weighing a tender offer for all of Puig’s class B shares at €18 to €19 per share with a mix of cash and stock.
- The publication said minority holders of class B shares would be offered a cash option and linked that to J.P. Morgan arranging about €5 billion in financing.
- WWD notes that Expansión did not name its sources, and both companies have kept terms open as they negotiate financial details and governance.