The household of Leonard A. Lauder is looking for to promote over $1 billion of the Estée Lauder Cos. inventory.
Trusts affiliated with descendants of Leonard A. Lauder are proposing to promote 11,301,323 shares of the corporate’s Class A typical inventory, par worth $.01 per share, by a proposed registered public providing, the Estée Lauder Cos. stated.
J.P. Morgan Securities is appearing as the only real underwriter of the providing.
The promoting stockholders will obtain all the proceeds from the providing and never the sweetness firm. They intend to make use of the proceeds of the providing to help with the settlement of Leonard A. Lauder’s property, together with to fulfill sure property obligations reminiscent of property taxes, money owed and administration bills, in keeping with an announcement.
Primarily based on shares excellent as of Oct. 23, following completion of the providing, members of the Lauder household will beneficially personal, straight or not directly, 82 p.c of the excellent voting energy of the corporate’s frequent inventory.
Leonard A. Lauder, arguably essentially the most influential and revered architect of the status magnificence enterprise, died in June at age 92.
Lauder spent his profession molding the Estée Lauder Cos. into the worldwide chief of status magnificence that it’s right this moment. Its manufacturers embody Clinique, Bobbi Brown, Deciem, La Mer and Tom Ford.
A number of members of his household together with William P. Lauder, Jane Lauder, Gary M. Lauder and Eric L. Zinterhofer sit on the board of the sweetness firm, though as of just lately none is concerned within the daily working of the enterprise.
