NEW YORK, April 29, 2009 (GLOBE NEWSWIRE) -- Peabody PLLC announces an investigation into the proposed acquisition of Revlon, Inc. (NYSE:REV). On April 20, 2009, MacAndrews & Forbes Holdings, Inc. announced that it has made an offer to swap all the outstanding shares of Revlon's Class A common stock it doesn't own for preferred stock that would pay an annual dividend of 12.5 percent. The new stock would have an aggregate liquidation preference of $75 million, or about $3.74 per share.
The investigation concerns whether the consideration to be paid to REV shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of REV. MacAndrews & Forbes owns approx. 75% of the voting shares of REV, and has board representation on REV. MacAndrews said that it has no intention of selling its equity stake in REV. The investigation further concerns whether the directors of REV, including any special committee members, may have breached their fiduciary duties by not acting in REV shareholders' best interests.
If you are a current holder of REV and would like additional information concerning this proposed transaction, including your rights please feel free to contact us at the information below.