Mary Kay’s board OKd a revised buy-out plan.
Mary Kay Cosmetics directors approved the revised proposal from an investor group including members of senior management of the company led by Mary Kay Ash, founder and chairman of the board, and her son, Richard R. Rogers, president and chief executive. The company also entered into a definitive merger agreement for the transaction, which provides for public shareholders to receive $11 in cash and $8.25 principal amount of 15-year discount debentures for each of the 21 million public shares.
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