Revlon, Investors Ink $9M Deal Over Improper Share-Exchange

Law360, Wilmington (March 28, 2013, 6:41 PM EDT) -- A Delaware Chancery judge signed off on a $9.2 million settlement between Revlon Inc. and shareholders Thursday, resolving a class action that alleged MacAndrews & Forbes Holdings Inc. upped its controlling stake in the cosmetics maker at the expense of minority investors through a 2009 exchange offer.

Vice Chancellor J. Travis Laster, who three years earlier blasted a proposed cashless settlement and replaced the plaintiffs' counsel who proposed it, gave his blessing to the new deal, which will pay investors $5.50 per tendered share.

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