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Levi & Korsinsky is investigating the Board of Directors of Elizabeth Arden, Inc. (NASDAQ: RDEN) in connection with the sale of the Company to Revlon, Inc. (NYSE: REV). Under the terms of the transaction, shareholders of Elizabeth Arden will receive $14.00 in cash for each share of Elizabeth Arden stock they own. The investigation concerns whether the Board of Elizabeth Arden breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Revlon, Inc. is underpaying for Elizabeth Arden shares.
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