On Thursday, Shares of Coty Inc (NYSE:COTY), lost -4.71% to $30.03.
Cadwalader, Wickersham & Taft LLP is advising The Procter & Gamble Company (PG) on the tax aspects of the merger of 43 of its beauty brands with Coty Inc. (COTY) in a Reverse Morris Trust transaction valued at about $15 billion. The transaction comprises P&G’s global salon professional hair care and color, retail hair color, cosmetics and fine fragrance businesses, together with select hair styling brands.
P&G anticipates to do a split-off or spin-off transaction, with a current preference for a Reverse Morris Trust split-off transaction in which P&G shareholders could elect to take part in an exchange offer to exchange P&G shares for shares of Coty. P&G shareholders would have the option of exchanging all, some or none of their P&G shares. If executed as a split-merge, P&G would establish a separate entity to hold the beauty brands, which would be transferred to electing P&G shareholders in a tax-efficient transaction with a simultaneous merger of the new entity with Coty.
Coty Inc., together with its auxiliaries, manufactures, markets, and distributes women’s and men’s fragrances, color cosmetics, and skin and body care related products worldwide. The company operates through three segments: Fragrances, Color Cosmetics, and Skin & Body Care.
Shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO), inclined 1.80% to $27.74, during its last trading session.
2K, declared that NBA 2K16, the newest iteration of the top-rated video game simulation series for the last 15 years, will feature the most extensive soundtrack in NBA 2K history with three genre-defining collaborators at the helm - legendary hip-hop producer DJ Premier, renowned producer DJ Khaled, and rap/pop producer DJ Mustard. As one of the most successful entertainment properties of the last decade, NBA 2K16’s partnership brings together their unique creative direction in curating more than 50 tracks and contributing a total of six new exclusive tracks to this year’s title.
Take-Two Interactive Software, Inc. develops, publishes, and markets interactive entertainment for consumers worldwide. The company offers its products under the Rockstar Games and 2K labels.
Finally, KapStone Paper and Packaging Corp. (NYSE:KS), ended its last trade with -0.79% loss, and closed at $22.62.
KapStone Paper and Packaging Corporation, will release its 2015 second quarter earnings on Wednesday, July 29, after the market closes.
The Company will host a conference call on Thursday, July 30, at 11:00 a.m. ET (10:00 a.m. CT) to review the results for the quarter.
KapStone Paper and Packaging Corporation manufactures and sells containerboards, corrugated products, and specialty paper products in the United States and internationally.
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