Procter & Gamble Drops Its Billie Razor Acquisition Plans
The Federal Trade Commission, or FTC, torpedoed The Procter & Gamble Company's (NYSE: PG) acquisition bid for women's razor maker Billie with a lawsuit intended to preserve competition in the American "wet shave razor market." Reuters reports Billie and Procter & Gamble have decided today to drop their plans to combine rather than fight the FTC's lawsuit in court.
The lawsuit, announced in an FTC press release last month, put the brakes on the acquisition with a restraining order that would have remained in force until the June 22, 2021, trial date. Early in 2020, the FTC blocked another wet shave razor acquisition by a different company, showing its strong interest in maintaining competition in the market. The acquiring company in that case, Edgewell Personal Care Company, also scrapped its acquisition plans rather than fight the FTC in court.
Image source: The Procter & Gamble Company.
Source Fool.com
