Pantry Pride Inc. has disclosed it "intends to sell substantially all of the assets of Revlon Inc. other than the Beauty Group" if its $47.50-a-share cash tender offer is successful.
In a filing with the Securities and Exchange Commission, the Fort Lauderdale, Fla.-based supermarket chain said it "may be able to realize from $1.675 billion to $1.9 billion from the sale of substantially all of the assets of the company other than the beauty group."
In addition, Pantry Pride Chairman and Chief Executive Ronald O. Perelman accused Revlon officials yesterday of using "rhetoric and invective" to short-circuit the takeover bid and urged the cosmetics giant to "let your shareholders decide" the issue for themselves.
But at the same time, Perelman -- in a letter to his counterpart at Revlon, Michel Bergerac -- left the door open for further negotiations and said his firm was "not wedded to any one position."
Pantry Pride filed suit Thursday in Delaware Chancery Court to prevent the Revlon board from using a "poison pill" defense to deter the supermarket chain's hostile $1.9 billion takeover bid. Pantry Pride acted after Revlon broke off friendly merger talks between the two companies.