Cosmetic Center Inc. shareholders formally approved the merger of the Savage-based makeup and hair-care superstore chain with a Revlon subsidiary yesterday.
The vote to merge with Prestige Fragrance & Cosmetics Inc., the retail outlet subsidiary of Revlon Inc., was made at the annual meeting.
Under the merger, shareholders of Cosmetic Center Class A and Class B stock could elect to receive either one share of newly issued Cosmetic Center Class C voting common stock or $7.63 in cash for every share they held.
Revlon will own about 84 percent of the Class C stock.
Cosmetic Center operates 68 retail stores in the middle Atlantic region and in Chicago. The Prestige Fragrance & Cosmetic division, which consists of 195 retail stores located in outlet malls nationwide, sells surplus and discontinued cosmetics and beauty merchandise from a wide variety of manufacturers.
Under Revlon, the company will continue to operate the chains as two divisions. Consumers will continue to see the stores under their current name.
Pub Date: 4/26/97