Following today’s announcement by Edgewell Personal Care Company that it has terminated its merger agreement with Harry’s, Inc., Daniel Francis, Deputy Director of the Bureau of Competition, made this statement:
“We are pleased to see that Edgewell has abandoned its proposed acquisition of Harry’s. For years, Edgewell and Procter & Gamble faced little competition on store shelves, and prices rose steadily as a result. The arrival of Harry’s into brick-and-mortar retail disrupted that pattern, bringing lower prices and more options to consumers. Allowing Edgewell to bring that disruptor under control by acquiring Harry’s would have represented a big step back for competition. This outcome is good news for consumers across the country.”
On Feb. 3, 2020, the Commission voted 5-0 to file an administrative complaint and authorize staff to seek a temporary restraining order and preliminary injunction in federal court to stop the proposed $1.37 billion acquisition.
The FTC alleged that the Edgewell/Harry’s proposed acquisition would eliminate one of the most important competitive forces in the shaving industry.
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