(Reuters) - Coty Inc said on Friday it has formed a special committee to evaluate shareholder JAB Holding Co’s offer to raise its stake in the cosmetics maker to 60 percent.
The board will not move forward with approving or recommending the offer or any other transaction with the German conglomerate unless it is approved by the special committee, Coty said.
The panel will consist of three independent directors.
The private holding company of Germany’s Reimann family, which is already the largest shareholder in Coty with a 40 percent stake, earlier this week offered a premium of about 21 percent to buy out some minority shareholders.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by James Emmanuel