The household of Estée Lauder Companies Inc. inheritor Leonard Lauder is searching for to boost about $1 billion in a sale of shares in the sweetness merchandise maker, based on individuals aware of the matter.
Trusts affiliated with the descendants of Lauder, who died on June 14, are providing 11.3 million shares for $90 to $92 every, mentioned the individuals, who requested to not be recognized as a result of the knowledge is personal. The pricing comes at a reduction of as a lot as 3.1 p.c to Tuesday’s closing worth of $92.88.
The stake represents about 4.8 p.c of the corporate’s excellent shares. A consultant for Estée Lauder didn’t instantly reply to a request for remark.
The magnificence agency’s shares traded flat as of 5:39 p.m. in after-hours buying and selling in New York. They have risen 23.9 p.c this yr by Tuesday’s shut.
Proceeds of the share sale will assist settle Leonard Lauder’s property, together with paying property tax and different obligations, based on an announcement earlier. Members of Lauder’s household will beneficially personal 82 p.c of the excellent voting energy of the corporate’s frequent inventory.
JPMorgan Chase & Co. is engaged on the providing, the assertion reveals.
By Anthony Hughes
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