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Vogue Acquisition Coverage

Client Attorney Privileged/Attorney Work Product/At Request of Counsel

Traditional and Online Media

Johnson & Johnson buying Vogue Int’l for about $3.3B
Jun 2, 2016 | Associated Press

Johnson & Johnson is buying hair care products maker Vogue International for about $3.3 billion.
Energy, technology lead a slide in stocks; oil prices fall
Jun 2, 2016 | Associated Press
By ALEX VEIGA

U.S. stock indexes veered lower in midday trading Thursday as investors weighed the latest company earnings news and moves in oil markets. Energy companies were down after a meeting of OPEC ministers ended without an agreement on crude production cuts. Technology stocks also fell.
Hair Care Entrepreneur Becomes Billionaire on Vogue Sale to J&J
Jun 2, 2016 | Bloomberg
By Benjamin Stupples

Todd Christopher, the founder and chief executive officer of hair-care company Vogue International LLC, became a billionaire Thursday after Johnson & Johnson announced it would acquire the closely held business for about $3.3 billion in cash.
J&J’s corpulence defense weighs heavy
Jun 2, 2016 | Reuters
By Robert Cyran

Johnson & Johnson’s corpulence defense weighs heavy. The bulging healthcare conglomerate is swallowing hair-care firm Vogue International for $3.3 billion in defiance of calls to break up. J&J’s $312 billion market value makes it a hard target for activists. Yet its obesity has created ailments from poor M&A digestion to mediocre shareholder returns.
Johnson & Johnson Is Buying Shampoo Maker Vogue International
Jun 2, 2016 | Reuters

Johnson & Johnson JNJ 0.51% said it would acquire Vogue International for $3.3 billion, adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear.
Johnson & Johnson to Buy Hair-Care Company Vogue
Jun 2, 2016 | Wall Street Journal
By Jonathan D. Rockoff

Johnson & Johnson said Thursday it would acquire a privately held hair-products company for $3.3 billion cash, in a deal aimed at bolstering the health-products giant’s consumer business.
Johnson & Johnson to Buy Hair-Care Company Vogue
Jun 2, 2016 | Wall Street Journal
By Joshua Jamerson

Johnson & Johnson said Thursday it would acquire personal-care products company Vogue International for about $3.3 billion in cash, a move that would expand its position in the hair care market and potentially strengthen its consumer products segment.
Johnson & Johnson to Buy Vogue Hair Care for $3.3 Billion
Jun 2, 2016 | Bloomberg

Johnson & Johnson agreed to buy closely held hair-care company Vogue International for about $3.3 billion in cash, making its biggest acquisition in four years to expand its consumer division.
Johnson & Johnson acquires beauty products firm Vogue International
Jun 2, 2016 | USA Today
By Nathan Bomey

Johnson & Johnson (JNJ) said Thursday that it would pay $3.3 billion in cash to acquire beauty products firm Vogue International.
Goldman cuts Apple, J&J makes a $3.3 billion deal
Jun 2, 2016 | Yahoo Finance

Johnson & Johnson (JNJ) is buying privately held hair care products maker Vogue International for about $3.3 billion in cash. The deal is not expected to have an impact on the company's 2016 sales or earnings outlooks.
J&J to buy Vogue International for $3.3bn
Jun 2, 2016 | Financial Times

US health-care and consumer giant Johnson & Johnson has agreed to buy Vogue International, maker of hair care and personal products, for $3.3bn in cash.
STAT news daily recap
Jun 2, 2016 | STAT Pharmalot, Pharmalittle
By Ed Silverman

The acquisition was mentioned in the daily recap of pharmaceutical news. Relevant sections copied below.
Johnson & Johnson pays billions for Clearwater beauty firm
Jun 2, 2016 | Tampa Bay Business Journal
By Margie Manning

Johnson & Johnson has signed a deal to buy Vogue International in Clearwater for $3.3 billion in cash.
Carlyle Group Sells Shampoo Maker To J&J Unit In $3.3B Deal
Jun 2, 2016 | Law360
By Benjamin Horney

The Carlyle Group LP has agreed to sell Florida-based Vogue International LLC to a unit of New Jersey-based Johnson & Johnson for $3.3 billion, the companies said on Thursday, marking the private equity giant’s exit from a shampoo maker that offers products in the U.S. and 38 other countries.
Johnson & Johnson to pay $3.3 billion for Vogue International
Jun 2, 2016 | Market Watch
By Tomi Kilgore

Johnson & Johnson JNJ, +0.61% said Thursday that it's consumer unit is buying privately-held hair care products company Vogue International for $3.3 billion in cash. The deal includes Vogue's collection of OGX shampoos and conditions, the FX line of hair styling products and the Proganix and Maui Moisture hair care product lines.
Johnson & Johnson (JNJ) to Acquire Vogue International for ~$3.3B
Jun 2, 2016 | StreetInsider

Johnson & Johnson (NYSE: JNJ) announced that Johnson & Johnson Consumer Inc. has entered into a definitive agreement to acquire Vogue International, a privately held company focused on the marketing, development and distribution of salon-influenced and nature inspired hair care and other personal care products, for approximately $3.3 billion in cash. The acquisition will include the OGX® collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX™ line of hair styling products, and the Proganix® and Maui Moisture hair care lines.
Stock Futures Hold Lower as ECB's Draghi Touts Economic Recovery
Jun 2, 2016 | The Street

Stock futures held slightly lower Thursday after European Central Bank President Mario Draghi detailed the group's economic outlook.
Johnson & Johnson To Acquire Vogue International
Jun 2, 2016 | Beauty Packaging

Johnson & Johnson has announced that it will acquire Vogue International - for approximately $3.3 billion in cash. Some of Vogue International's brands are shown above.
Johnson & Johnson to acquire Vogue hair and body products lines
Jun 2, 2016 | ShareCast News

Johnson & Johnson has agreed to acquire Vogue International, a privately held hair care company, for roughly $3.3bn cash.
Brand News: McDonald’s, Uber, Elon Musk and More
Jun 2, 2016 | BrandChannel
By Shirley Brady

Johnson & Johnson buys Vogue International for $3.3 billion.
Why Johnson & Johnson Paid $3 Billion for Shampoo
Jun 3, 2016 | Investopedia

That's one expensive bottle: Johnson & Johnson(NYSE: JNJ) just bulked up its consumer products division with an agreement to acquire Vogue International. The company manufactures hair care and related products, and is being sold by its owners, founder/CEO Todd Christopher and asset management concern The Carlyle Group(NASDAQ: CG). The price tag is roughly $3.3 billion, to be paid in cash.
Carlyle’s sale of hair-care brand marks 2016’s latest multibillion-dollar PE exit
Jun 3, 2016 | PitchBook
By Kevin Dowd

A little over two years after investing a reported $391 million for a 49% stake in Vogue International, The Carlyle Group has already lined up an eyebrow-raising sale. The firm announced Thursday that Johnson & Johnson Consumer would acquire Vogue, a producer and distributor of hair-care and personal-care products, in a $3.3 billion deal expected to close during 3Q.
Johnson & Johnson Buys Vogue International
Jun 2, 2016 | CFO.com
By Katie Kuehner-Hebert

In a slow market for transformative deals, consumer products firm Johnson & Johnson announced a bite-sized transaction on Thursday.

Broadcast Media

Squawk On The Street
Jun 2, 2016 | CNBC

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Bloomberg GO
Jun 2, 2016 | Bloomberg

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Bloomberg Markets
Jun 2, 2016 | Bloomberg TV

(00:14) View Clip Here: http://app.criticalmention.com/app/#clip/view/22900293?token=72681359-a02a-4919-a8cd-803d8e5ef5ed
Bloomberg Markets
Jun 2, 2016 | Bloomberg TV

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Bloomberg Markets: European Close
Jun 2, 2016 | Bloomberg TV

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N12NJ -- New York, NY
Jun 2, 2016 | N12NJ

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KVUE (ABC) -- Austin, TX
Jun 2, 2016 | KVUE

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KDBC (CBS) -- El Paso, TX
Jun 2, 2016 | KDBC

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KTVU (FOX) -- Monterey, CA
Jun 2, 2016 | KTVU

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ABC Action News
Jun 2, 2016 | ABC Action News

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NBC-Tampa
| NBC-Tampa

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Nasdaq News
Jun 2, 2016 | Nasdaq News

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Full Text of Stories Below

Client Attorney Privileged/Attorney Work Product/At Request of Counsel

Traditional and Online Media

Johnson & Johnson buying Vogue Int’l for about $3.3B

Jun 2, 2016 | Associated Press

Johnson & Johnson is buying hair care products maker Vogue International for about $3.3 billion.
Privately-held Vogue also sells other personal care products.
The acquisition will give Johnson & Johnson the OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX hair styling product line and the Proganix and Maui Moisture hair care lines.
Vogue’s hair care products are sold in the U.S. and 38 other countries.
Johnson & Johnson, based in New Brunswick, New Jersey, has brands including Neutrogena and Band-Aid.
The deal is expected to close in the third quarter.
Johnson & Johnson said that the transaction isn’t expected to impact its previously announced full-year sales and earnings forecasts.
J&J shares rose 47 cents to $113.25 in morning trading Thursday. Its shares are up more than 13 percent over the past year.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Energy, technology lead a slide in stocks; oil prices fall

Jun 2, 2016 | Associated Press

By ALEX VEIGA

U.S. stock indexes veered lower in midday trading Thursday as investors weighed the latest company earnings news and moves in oil markets. Energy companies were down after a meeting of OPEC ministers ended without an agreement on crude production cuts. Technology stocks also fell.
KEEPING SCORE: The Dow Jones industrial average fell 20 points, or 0.1 percent, to 17,769 as of 12:23 p.m. Eastern time. The Standard & Poor's 500 index shed three points, or 0.2 percent, to 2,095. The Nasdaq composite index lost nine points, or 0.2 percent, to 4,943.
THE QUOTE: Trading has been subdued as investors hold out for more clues as to whether the Federal Reserve will raise its key interest rate at the central bank's next meeting of policymakers later this month.
"This is just noise trading around on low volume," said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute. "Even with tomorrow's employment data coming out, I don't think there's much that's going to move the market out of this range we've been in until we get some clarity out of the Fed."
ENERGY: OPEC oil ministers ended a meeting in Vienna without reaching a consensus on regulating supplies. Crude oil prices bounced back after an initial slide. Benchmark U.S. crude oil rose 13 cents, or 0.3 percent, to $49.14 a barrel in New York. Brent crude, which is used to price international oils, was up 29 cents, or 0.6 percent, at $50.01 a barrel in London.
OIL FALLOUT: Shares in several oil drilling and exploration companies were down. Diamond Offshore Drilling lost 78 cents, or 3.1 percent, to $24.53, while Transocean slid 17 cents, or 1.7 percent, to $9.66. Anadarko Petroleum fell $1, or 1.9 percent, to $51.41.
ROUGH QUARTER: Conn's sank 23.7 percent after the retailer reported quarterly results that fell short of analysts' estimates. The stock lost $2.78 to $8.93.
IN THE CLOUD: Online storage provider Box tumbled 9.8 percent after the company reported disappointing results late Wednesday. The stock fell $1.26 to $11.55.
COME ON, VOGUE: Johnson & Johnson rose on news the company has agreed to buy privately-held hair care products maker Vogue International for about $3.3 billion. Vogue's hair care products are sold in the U.S. and 38 other countries. Johnson & Johnson shares rose $1.17, or 1 percent, to $113.95.
SEXY SALES: L Brands, the company behind the Victoria's Secret brand, rose 3 percent after it reported its latest sales figures. The stock added $2.06 to $70.47.
LAYOFFS PROXY: The Labor Department said fewer Americans applied for jobless aid last week, the third straight drop in a sign that the job market remains healthy despite a recent slowdown in hiring. Weekly applications for unemployment aid dipped 1,000 to a seasonally adjusted 267,000. The four-week average, a less volatile measure, fell to 276,750.
MARKETS OVERSEAS: In Europe, stock indexes were mixed after the European Central Bank said that its stimulus measures are helping the economy of the 19 countries that use the euro and need time to work before any new monetary jolts are added. Germany's DAX was flat, while France's CAC 40 was down 0.2 percent. Britain's FTSE 100 was down 0.1 percent. In Asia, Japan's Nikkei 225 fell 2.3 percent after Prime Minister Shinzo Abe decided to postpone a sales tax hike to avoid shocks to the faltering recovery. Hong Kong's Hang Seng index rose 0.5 percent. Australia's S&P/ASX 200 lost 0.8 percent. South Korea's KOSPI rose 0.1 percent.
BONDS AND CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.80 percent from 1.84 late Wednesday. In currency markets, the dollar fell to 108.70 yen from 109.54 in the previous day's trading. The euro fell to $1.1156 from $1.1186.

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Hair Care Entrepreneur Becomes Billionaire on Vogue Sale to J&J

Jun 2, 2016 | Bloomberg

By Benjamin Stupples

Todd Christopher, the founder and chief executive officer of hair-care company Vogue International LLC, became a billionaire Thursday after Johnson & Johnson announced it would acquire the closely held business for about $3.3 billion in cash.
Christopher is selling a 51 percent stake in the Clearwater, Florida-based business and has a net worth of $1.1 billion, according to the Bloomberg Billionaires Index. Private equity firm Carlyle Group will sell the other 49 percent.
The net worth calculation assumes the proceeds will pay down all of Vogue’s disclosed debt and doesn’t include any debt-funded dividends collected by the shareholders as reported in a May 2016 credit report from Moody’s Investors Service. A “small portion” of the proceeds will be used to pay down debt, according to a person with knowledge of the deal, who asked not to be identified because the information is private.Company Founder
Vogue was founded by Christopher in 1987 and had revenue of $319 million for the 12 months ended March 31, 2016, according to the Moody’s report. The acquisition is expected to close during the third quarter of 2016 and will add OGX shampoos, conditioners and styling products, as well as the FX line of styling products and the Proganix and Maui Moisture brands, Johnson & Johnson said in a statement Thursday.
Christopher Ullman, a spokesman for Carlyle, confirmed the ownership stakes and didn’t provide further comment. Vogue International didn’t immediately respond to requests for comment.
The purchase will make J&J the fourth-largest company in the U.S. hair-care market, up from the eighth-place spot it currently holds, said Mark Boston, a company spokesman. He declined to comment on revenue for that business, revenue at Vogue or the ownership split for the company.

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J&J’s corpulence defense weighs heavy

Jun 2, 2016 | Reuters

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Johnson & Johnson’s corpulence defense weighs heavy. The bulging healthcare conglomerate is swallowing hair-care firm Vogue International for $3.3 billion in defiance of calls to break up. J&J’s $312 billion market value makes it a hard target for activists. Yet its obesity has created ailments from poor M&A digestion to mediocre shareholder returns.
Over the past decade shareholders have largely come to the conclusion that pharma firms should focus on developing medicines. After all, there’s little in common between using science to discover a cure for Alzheimer’s and selling shampoo. That has led Abbott Laboratories to spin off pharma division AbbVie, Pfizer and Merck each to sell their consumer-goods business, and GlaxoSmithKline to divest drinks. The results have been largely favorable to investors too, because the cash thrown off by consumer-goods companies is coveted by yield-starved investors.
J&J has resisted the trend. About a fifth of its revenue comes from selling a range of products from Band-Aids to Listerine. Over 40 percent comes from cutting-edge drugs, and just under that from medical devices. The resulting diversity may produce relatively steady results, but investors aren’t terribly appreciative of the resulting fish-fowl hybrid. The company is valued at about 11.5 times estimated EBITDA over the next 12 months. That’s lower than the multiples attached to Colgate in consumer goods, drugmaker Eli Lilly, which trade between 14 and 15 times EBITDA, and medical-device firm Medtronic at 12.5 times.
This hasn’t escaped investors. Artisan Partners tried to pressure J&J to split earlier this year. However, Artisan only owned well under 1 percent of stock; combined with J&J’s scattered investor base, it meant the activist had almost no power to battle its giant target.
J&J’s girth comes at a cost. The drug business is faring well, but the other divisions aren’t. The consumer-goods unit’s margins are below rivals’ and some of its factories still operate under Food and Drug Administration regulatory oversight after a wave of product recalls a few years ago. The medical-device division’s profits have been essentially stagnant since 2010 despite buying rival Synthes for around $20 billion five years ago. Slimming down, or even splitting into three, would serve J&J well.

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Johnson & Johnson Is Buying Shampoo Maker Vogue International

Jun 2, 2016 | Reuters

Johnson & Johnson JNJ 0.51% said it would acquireVogue International for $3.3 billion, adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear.
Vogue‘s hair care products have gained popularity, helped by colorful packaging that makes them stand out in drugstore aisles.
The privately held company has focused on increasing its presence in drug stores and is spending more on buying shelf space than on consumer advertising.
Buyout firm Carlyle Group LP acquired a 49% stake in the company in 2014.
Vogue‘s products are sold in the United States and in 38 other countries, Johnson & Johnson said in a statement on Thursday.
The transaction, slated to close in the third quarter, is not expected to have an impact on the company’s 2016 sales or earnings forecasts.
Unilever NV, Henkel & Co KgaA AG, L’Oréal SA and other companies had submitted first-round bids in an auction forVogue, people familiar with the matter told Reuters in May.

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Johnson & Johnson to Buy Hair-Care Company Vogue

Jun 2, 2016 | Wall Street Journal

By Jonathan D. Rockoff

Johnson & Johnson said Thursday it would acquire a privately held hair-products company for $3.3 billion cash, in a deal aimed at bolstering the health-products giant’s consumer business.
The deal for Vogue International LLC is J&J’s biggest in the $350 billion world-wide consumer-health market since the company was forced to recall iconic brands like children’s Tylenol and shut down a key manufacturing plant amid quality-control problems. J&J lost billions of dollars in sales.
Since, J&J has been upgrading its supply chain and reorganizing its consumer business to focus on key brands and core areas like Listerine mouth wash and Aveeno skin-care products, while selling off many slower-growing items.
Vogue adds more hair-care products to J&J’s lineup. The company sells shampoos made with coconut water, shea butter and bamboo fibers and other hair products that also feature their use of natural ingredients and avoidance of sulfates, silicone and other chemicals.
Such products have been among the over-the-counter health-care market’s fastest-growing segments, and a target of J&J executives who have said the consumer business has turned a corner from its past problems and can now look for growth.
Vogue will “complement our consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson,” said Jorge Mesquita, world-wide chairman of J&J’s consumer business.
Last year, J&J’s consumer business had $13.5 billion sales, down 8% largely due to a strong dollar.
The unit has been doing some smaller deals recently, such as pending acquisitions of a diaper-rash cream in Brazil called Hipoglos and skin-care company NeoStrata, both of which are expected to close this quarter.
Vogue, based in Clearwater, Fla., was partially owned by private-equity firm Carlyle Group, which took a stake in 2014.
The sale is set to make Caryle Group nearly four times the $400 million it paid for a 49% stake in Vogue in 2014, according to people familiar with the matter. That deal valued the company at more than $1 billion, including debt, the people said.
Vogue offers products featuring ingredients such as coconut milk and Moroccan argan oil at lower prices than comparable wares sold at high-end salons.
The company’s founder, Chief Executive Todd Christopher “saw an opportunity in the market to provide the mass consumer with salon-quality products at an affordable price,” said Carlyle managing director Sandra Horbach.
Its sales last year were more than $300 million and have been growing 25% annually, according to Wells Fargo Securities, which expects J&J to expand sales even further by taking the products to big-box stores like Costco.
The transaction, subject to regulatory approval and other conditions, is expected to close during the third quarter of this year. It isn’t expected to affect the company’s 2016 sales or earnings forecasts, and to add to earnings within a year of closing.
—Matt Jarzemsky and Joshua Jamerson contributed to this article

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Johnson & Johnson to Buy Hair-Care Company Vogue

Jun 2, 2016 | Wall Street Journal

By Joshua Jamerson

Johnson & Johnson said Thursday it would acquire personal-care products company Vogue International for about $3.3 billion in cash, a move that would expand its position in the hair care market and potentially strengthen its consumer products segment.
Jorge Mesquita—Johnson & Johnson’s world-wide chairman, consumer—said the deal for Vogue, which sells hair care products in the U.S. and in 38 countries, “will strengthen our global presence in this important category.”
The acquisition of privately-held Vogue will include the OGX brand collection of shampoos, conditioners, and other items; the FX line of hair styling products; and the Proganix and Maui Moisture hair-care lines.
The transaction, subject to regulatory approval and other conditions, is expected to close during the third quarter of this year. It is not expected to affect the company’s 2016 sales or earnings forecasts.
Johnson & Johnson reported better-than-expected earnings last month, though segments such as its consumer unit didn't perform as well as the pharmaceuticals business, its largest.
In the first quarter, J&J consumer health sales fell 5.8% to $3.2 billion, largely due to Venezuela’s devaluation of its currency. The consumer business has been recovering from supply-chain problems that led to recalls. Executives have said they believe the unit has turned a corner and dismissed speculation that J&J would consider selling the business.
Shares of J&J, up 9.8% so far this year through Wednesday’s close, were inactive in premarket trading.

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Johnson & Johnson to Buy Vogue Hair Care for $3.3 Billion

Jun 2, 2016 | Bloomberg

Johnson & Johnson agreed to buy closely held hair-care company Vogue International for about $3.3 billion in cash, making its biggest acquisition in four years to expand its consumer division.
The acquisition will add OGX shampoos, conditioners and styling products, as well as the FX line of styling products and the Proganix and Maui Moisture brands, J&J said in a statement Thursday. Vogue, based in Clearwater, Florida, is partly owned by its founder, Todd Christopher, and private equity firm Carlyle Group, which invested in the company two years go.
With the purchase, pharmaceuticals giant J&J will bolster its smallest category. The consumer division -- which includes a variety of brands including Johnson & Johnson baby products, Band-Aid bandages, Listerine oral care and Neutrogena hand cream -- made up about 19 percent of sales last year, according to data compiled by Bloomberg. Pharmaceuticals took over as J&J’s largest division in 2014, now accounting for about 45 percent of revenue, while the rest came from medical devices and diagnostics.
The deal is Johnson & Johnson’s biggest since the $18 billion purchase of Synthes Inc., a maker of tools and implants to treat damaged bones, in 2012. That deal was the drugmaker’s largest deal ever, according to data compiled by Bloomberg.
Founded in 1987 by Christopher, Vogue International sells its products in the U.S. and 38 other countries, Carlyle said in a press release on its website. The private-equity firm invested in the business in 2014.
The Vogue transaction is expected to close during the third quarter of 2016. The deal isn’t expected to affect 2016 sales or earnings guidance, New Brunswick, New Jersey-based J&J said.

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Johnson & Johnson acquires beauty products firm Vogue International

Jun 2, 2016 | USA Today

By Nathan Bomey

Johnson & Johnson (JNJ) said Thursday that it would pay $3.3 billion in cash to acquire beauty products firm Vogue International.
Vogue sells shampoos, styling products and body care items under the the OGX brand, hair styling items under the FX line and hair care products under the Proganix and Maui Moisture brands.
J&J is purchasing Vogue from the company's founder, Todd Christopher, and private equity firm The Carlyle Group.
Clearwater, Fla.-based Vogue emphasizes "marketing, development and distribution of salon-influenced and nature inspired," J&J said in a statement.
New Brunswick, N.J.-based J&J did not provide details on its strategy for Vogue's brands.
"Vogue International's commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson," J&J consumer chairman Jorge Mesquita said in a statement.
The deal for Vogue will hardly dent J&J's finances. The health care, beauty and personal care products conglomerate is one of only two U.S. non-financial companiesthat still retain a perfect AAA credit rating. The other is Microsoft.
The acquisition is expected to close in the third quarter.

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Goldman cuts Apple, J&J makes a $3.3 billion deal

Jun 2, 2016 | Yahoo Finance

Here are some of the stocks the Yahoo Finance team will be watching for you today.
Apple (AAPL) shares are in focus after Goldman Sachs cut its price target on the stock to $124 from $136 a share to reflect lower growth expectations for the smartphone industry. But the investment bank maintained its buy rating on the iPhone maker.
CIena (CIEN) shares soared in early trading. The developer of high-speed networking technology delivered better than expected earnings and revenue for is fiscal second quarter. Profit fell 32% from a year ago, while revenue jumped 3% as the company diversified its business.
Get the Latest Market Data and News with the Yahoo Finance App
Box (BOX) shares are down sharply in early trading. Although the cloud storage provider posted a beat on both its top and bottom lines for the first three months of the year, billings for the first quarter came in weaker-than-expected and the company's outlook for the current quarter was slightly below forecasts.
Johnson & Johnson (JNJ) is buying privately held hair care products maker Vogue International for about $3.3 billion in cash. The deal is not expected to have an impact on the company's 2016 sales or earnings outlooks.

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J&J to buy Vogue International for $3.3bn

Jun 2, 2016 | Financial Times

US health-care and consumer giant Johnson & Johnson has agreed to buy Vogue International, maker of hair care and personal products, for $3.3bn in cash.
The New Jersey-based company said the purchase of Vogue International, the company behinds OGX brand of shampoos and FX styling products, would strengthen its “global presence in this important category” and complement its consumer portfolio.
US private equity group Carlyle Group took a minority stake in Vogue International in 2014. Vogue, which had been trying to put itself up for sale, withdrew the process after it was forced to rename its Organix brand of products as OGX, amid litigation that the shampoo did not meet California standards for marketing its products as organic.
The transaction, which is subject to regulatory clearance, is expected to close during the third quarter and is not expected to impact sales or earnings outlook at J&J.
Thursday’s acquisition comes evens as shareholders in J&J have been trying to press activist investors to take a stake in the company and push for break-up.
The deal also signals health in the US mergers and acquisitions market, which got off to a slow start earlier this year.

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STAT news daily recap

Jun 2, 2016 | STAT Pharmalot, Pharmalittle

By Ed Silverman

Johnson & Johnson is buying Vogue International for $3.3 billion, adding OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear, the Associated Press writes.

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Johnson & Johnson pays billions for Clearwater beauty firm

Jun 2, 2016 | Tampa Bay Business Journal

By Margie Manning

Johnson & Johnson has signed a deal to buy Vogue International in Clearwater for $3.3 billion in cash.
The deal, announced Thursday morning by Johnson & Johnson (NYSE: JNJ), one of the largest health and personal care products in the world, confirms initial reports the company was on the sale block, when Reuters last month suggested a deal would value the company at between $2.5 billion and $3 billion.Enlarge
Vogue, one of the largest privately held companies in the Tampa Bay area, makes OGX hair and body products, FX hair styling products and Proganix and Maui Moisture hair care lines. It had about $319 million in revenue for the 12 months ended March 31, according to Moody’s Investors Service.
The company’s founder and CEO Todd Christopher owns 51 percent of Vogue, and private equity firm The Carlyle Group owns 49 percent. Carlyle will exit its investment in Vogue with the sale to Johnson & Johnson, Christopher wrote in a letter to employees obtained by the Tampa Bay Business Journal.
“Our acquisition of Vogue International’s full line of leading advanced hair care products sold in the U.S. and in 38 countries will strengthen our global presence in this important category. Vogue International’s commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson,” Jorge Mesquita, worldwide chairman, Consumer, Johnson & Johnson, said in a press release.
The deal is expected to close in the third quarter of 2016, pending regulatory review.
“We are confident Johnson & Johnson Consumer will be a great new home for Vogue,” Christopher said in his letter. “J&J is a global company with tremendous resources and foresight that will help Vogue continue to prosper. Our commitment to innovation, quality and superb customer service will be magnified by Johnson & Johnson’s array of marketing, R&D and support resources on a global basis.”

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Carlyle Group Sells Shampoo Maker To J&J Unit In $3.3B Deal

Jun 2, 2016 | Law360

By Benjamin Horney

The Carlyle Group LP has agreed to sell Florida-based Vogue International LLC to a unit of New Jersey-based Johnson & Johnson for $3.3 billion, the companies said on Thursday, marking the private equity giant’s exit from a shampoo maker that offers products in the U.S. and 38 other countries.
Under the terms of the deal, Johnson & Johnson Consumer Cos. Inc. will acquire Vogue International, which makes shampoo, conditioner and other personal care products. Rumors that The Carlyle Group had been shopping the company had run rampant since late last month, with Unilever NV, Henkell & Co. Sektkellerei KG and L'Oreal SA having also been in the running. The deal, which is subject to customary closing conditions, is expected to close in the third quarter of this year.
Todd Christopher, founder and CEO of Vogue International, said in a statement that the deal represents an "exciting and important new chapter in the [company’s] growth and development," calling The Carlyle Group "true partners" and thanking the firm for all it has done.
"Our commitment to quality and innovation will be magnified by Johnson & Johnson Consumer’s array of marketing, R & D and support resources on a global basis," Christopher added.
Vogue International, founded nearly three decades ago, offers products under brands includingOGX, Proganix and Neutrogena. In addition to shampoo and conditioner, the company offers hair styling and beauty products.
Sandra Horbach, managing director at The Carlyle Group and head of its consumer and retail team, said in a statement that it has “been a privilege to partner with Todd and to support his efforts to develop and launch innovative products, strengthen and grow the organization, advance sustainability practices and reach new customers all around the world with the OGX brand.
"Johnson & Johnson Consumer Inc. will be a great new home for Vogue," she added.
The Carlyle Group has been in control of Vogue International since 2014, when it invested in the company using money from its $13 billion buyout fund, billed as Carlyle Partners VI.
Overall, The Carlyle Group manages $178 billion worth of assets across 125 funds and 164 funds of funds, according to its website. The firm employs more than 1,650 people in 36 offices across six continents.
Goldman Sachs Group Inc. acted as financial adviser to Vogue International, and a Latham & Watkins LLP team led by partners Paul Sheridan and Shaun Hartley and featuring associates Cory Tull and Brad Guest, acted as legal adviser to The Carlyle Group and Vogue International. Latham & Watkins partners David Raab, David Della Rocca, James Barrett and Steven Betensky, along with associates Matthew Dewitz and Marysia Mullen, also provided advice.
Vogue International also received legal advice from Jones Day and King & Spalding LLP.
Other counsel information was not immediately available on Thursday.

--Editing by Stephen Berg.

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Johnson & Johnson to pay $3.3 billion for Vogue International

Jun 2, 2016 | Market Watch

By Tomi Kilgore

Johnson & Johnson JNJ, +0.61% said Thursday that it's consumer unit is buying privately-held hair care products company Vogue International for $3.3 billion in cash. The deal includes Vogue's collection of OGX shampoos and conditions, the FX line of hair styling products and the Proganix and Maui Moisture hair care product lines. J&J said the deal is expected to close during the third quarter of 2016, and should not affect its 2016 sales or earnings outlooks. The stock, which was still inactive in premarket trade, has climbed 9.8% year to date, while the Dow Jones Industrial Average DJIA, -0.27% has tacked on 2%.

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Johnson & Johnson (JNJ) to Acquire Vogue International for ~$3.3B

Jun 2, 2016 | StreetInsider

Johnson & Johnson (NYSE: JNJ) announced that Johnson & Johnson Consumer Inc. has entered into a definitive agreement toacquire Vogue International, a privately held company focused on the marketing, development and distribution of salon-influenced and nature inspired hair care and other personal care products, for approximately $3.3 billion in cash. The acquisition will include the OGX® collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX™ line of hair styling products, and the Proganix® and Maui Moisture hair care lines.
"Our acquisition of Vogue International's full line of leading advanced hair care products sold in the U.S. and in 38 countries will strengthen our global presence in this important category. Vogue International's commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson," said Jorge Mesquita, Worldwide Chairman, Consumer, Johnson & Johnson.
The closing is subject to antitrust clearance and other customary closing conditions. The transaction is expected to close during the third quarter of 2016.
Upon closing, the transaction is not expected to impact the 2016 sales or earnings guidance ranges that Johnson & Johnson announced on April 19, 2016.These Tickers Capture Advisors’ Attention, How About You?Sponsored By InvestingChannelResearchers at Intuition’s Trackstar, an InvestingChannel business, are closely following advisors and the tickers they search the most weekly. It’s fascinating to see which ones make the top of the list. Read More

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Stock Futures Hold Lower as ECB's Draghi Touts Economic Recovery

Jun 2, 2016 | The Street

Stock futures held slightly lower Thursday after European Central Bank President Mario Draghi detailed the group's economic outlook.
S&P 500 futures were down 0.23%, Dow Jones Industrial Average futures slipped 0.2%, and Nasdaqfutures declined 0.17%.
Inflation is expected to pick up in the second half of the year, while the economic recovery in Europe continues to improve as expected, Draghi said in a press conference Thursday. The ECB expects 2016 inflation at 0.2%, higher than an estimate in March of 0.1% growth. The measure remains far from its 2% target rate.
The ECB also boosted its 2016 GDP growth outlook to 1.6% from a March estimate of 1.4%. The outlook for growth remains at 1.6% and 1.3% for 2017 and 2018, respectively. Geopolitical risks remain as potential downside to the outlook, including a "Brexit" in which the U.K. could decide to exit the European Union.
The ECB announced Thursday that it had made no changes to official interest rates, acting as economists had expected. The central body opted to leave its interest rate on main refinancing operations at 0% and its deposit rate for banks at negative 0.4%.
An unofficial read on the U.S. labor market in May improved from April, though missed analysts' estimates. The ADP payrolls report showed 173,000 jobs were added to the private sector in May, slightly lower than an expected 175,000. The payrolls report didn't factor in a strike at Verizon.
The number of new claims for U.S. unemployment benefits hit a five-week low in late May. Jobless claims fell by 1,000 to 267,000 in the past week, according to the Labor Department. The less-volatile, four-week average fell by 1,750 to 276,750.
Markets will get a clearer sense of the state of the labor market following Friday's release of the U.S. jobs report for May. Consensus is for 158,000 jobs to have been added to nonfarm payrolls over the month, pushing the unemployment rate down to 4.9%.
OPEC is meeting Thursday to discuss a current demand-supply imbalance. Some are still holding out hopes the group can agree upon a production cap, though that eventuality is unlikely given reductions in U.S. output and supply disruptions in Nigeria, Venezuela and Canada that already have eased the squeeze, if only temporarily.
West Texas Intermediate crude oil was trading flat, at $49 a barrel, as investors awaited news from the OPEC meeting.
Japanese stocks had their worst day in a month after Prime Minister Shinzo Abe announced plans to delay a planned sales-tax hike by more than two years, though declined to unveil any stimulus measures. The yen strengthened on the news. Japan's Nikkei closed 2.3% lower.
Johnson & Johnson shares were on watch after the multinational consumer products and drug company announced plans to purchase Vogue International. J&J intends to pay $3.3 billion in cash for the privately held hair care company. The acquisition will bring Vogue's OGX, FX, and Proganix hair care products into the fold. The deal is expected to close in the third quarter.
Joy Global was slightly lower after reporting a double-digit percentage decline in quarterly revenue. A drop in demand and activity in the U.S. coal industry pulled sales down 26% at the mining equipment company. To combat a sluggish industry, Joy Global plans to cut $100 million in costs this year. However, full-year results will still likely be at the lower end of a recently reported earnings range of 10 cents to 50 cents a share.
Ciena surged 10% after beating top- and bottom-line quarterly estimates. The company earned an adjusted 34 cents a share in its April-ended quarter, above estimates of 27 cents. Sales rose 3.1% to $640.7 million, exceeding forecasts of $630.8 million. Ciena said the quarterly success was tied to diversification, particularly the expansion on its packet business.

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Johnson & Johnson To Acquire Vogue International

Jun 2, 2016 | Beauty Packaging

Johnson & Johnson has announced that it will acquire Vogue International - for approximately $3.3 billion in cash. Some of Vogue International's brands are shown above.
Johnson & Johnson Consumer Inc. made the official announcement today that it has entered into a definitive agreement to acquire the privately held company. Vogue International is focused on the marketing, development and distribution of salon-influenced and nature-inspired hair care, as well as other personal care products.
The acquisition will include the OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX™ line of hair styling products, and the Proganix and Maui Moisture hair care lines.
Jorge Mesquita, Worldwide Chairman, Consumer, Johnson & Johnson, said: "Our acquisition of Vogue International's full line of leading advanced hair care products sold in the U.S. and in 38 countries will strengthen our global presence in this important category. Vogue International's commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson." The transaction is expected to close during the third quarter of 2016.
In April, J&J acquired Neostrata.

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Johnson & Johnson to acquire Vogue hair and body products lines

Jun 2, 2016 | ShareCast News

Johnson & Johnson has agreed to acquire Vogue International, a privately held hair care company, for roughly $3.3bn cash.

The acquisition will include Vogue's OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, and its FX line of hair styling products, and the Proganix and Maui Moisture hair care lines.

"Our acquisition of Vogue International's full line of leading advanced hair care products sold in the US and in 38 countries will strengthen our global presence in this important category" said J&J Consumer's chairman Jorge Mesquita.

"Vogue International's commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities for Johnson & Johnson."

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Brand News: McDonald’s, Uber, Elon Musk and More

Jun 2, 2016 | BrandChannel

By Shirley Brady

IN THE NEWS:
McDonald’s eyes Oprah Winfrey’s old Harpo Studios property in Chicago as new global HQ.
Uber receives $3.5 billion investment from Saudi Arabia.
Elon Musk sets SpaceX sights on Mars as Amazon‘s Jeff Bezospredicts space manufacturing.
Ruby Tuesday sells Lime Fresh Mexican Grill for $4.6 million.
Facebook says its AI nears human levels of understanding.
IN OTHER BRAND NEWS:
Amazon sues sellers over fake reviews.
Coca-Cola scores partial victory in “zero” trademark case.
Comcast launches LGBT programming on demand for June’s Pride Month.
Canadian Prime Minister Justin Trudeau raises gay pride flag at parliament—a first.
Honda demos its self-driving cars at new California testing facility.
HSBC‘s top global marketer resigns after 15 years.
IBM Watson launches Watson AI-powered digital ads via Weather Company unit.
Intel CEO cancels Donald Trump fundraiser.
Johnson & Johnson buys Vogue International for $3.3 billion.
Juicy Couture velour tracksuits attempt comeback withBloomingdale’s capsule collection.
Justin Bieber gets his own emoji as Facebook Messenger rolls out1,500 diverse emojis.
Kellogg’s releases annual corporate responsibility report.
Mary Meeker releases annual Internet Trends report.
Pepperidge Farm Goldfish crackers brand supports LGBT pride events.
Samsung releases Just Dance Now to its smart TVs worldwide.
State Farm changes its tagline in new campaign.
Theranos founder Elizabeth Holmes dropped from Forbes’ 2016 billionaire list.
Walmart brings back iconic smiley face in ads and in-store.
Yahoo becomes first US company to disclose FBI national security letters.

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Why Johnson & Johnson Paid $3 Billion for Shampoo

Jun 3, 2016 | Investopedia

That's one expensive bottle: Johnson & Johnson(NYSE: JNJ) just bulked up its consumer products division with an agreement to acquire Vogue International. The company manufactures hair care and related products, and is being sold by its owners, founder/CEO Todd Christopher and asset management concern The Carlyle Group(NASDAQ: CG). The price tag is roughly $3.3 billion, to be paid in cash.
Vogue International capitalizes on the trend for products made with more natural and wholesome ingredients. Its goods are concocted from materials such as shea butter and coconut water, and distributed in 39 countries, including the U.S.
In the press release heralding the deal, Johnson & Johnson said that its asset-to-be's "commitment to quality, innovation, and consumer preference complement our Consumer portfolio, while also presenting attractive hair care category growth opportunities."
Although Vogue International does not publicly reveal its finances, one estimate has it that the company took in $300 million in sales for 2015. That line item has apparently been growing at a 25% annual clip.
If so, it looks like a sharp and opportunistic buy for its new owner. $3 billion-plus is a rich price, but Johnson & Johnson has enormous reach on the global consumer market, and thus has plenty of muscle to increase that sales figure.
Meanwhile, The Carlyle Group, which holds 49% of Vogue International, did not say how much it originally paid for its stake. An article published recently on ExitHub had it that the price was $400 million, which would make for a very handsome profit. And a quick turnaround -- The Carlyle Group's investment was made relatively recently, in 2014.
Johnson & Johnson anticipates that the deal will close in the third quarter of this year. The company said that it is not expected to affect its revenue and profit estimates for fiscal 2016.
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Carlyle’s sale of hair-care brand marks 2016’s latest multibillion-dollar PE exit

Jun 3, 2016 | PitchBook

By Kevin Dowd

A little over two years after investing a reported $391 million for a 49% stake in Vogue International, The Carlyle Group has already lined up an eyebrow-raising sale. The firm announced Thursday that Johnson & Johnson Consumer would acquire Vogue, a producer and distributor of hair-care and personal-care products, in a $3.3 billion deal expected to close during 3Q.
The agreed-upon transaction is the latest PE exit in the U.S. valued at $2 billion or more. Some other significant examples this year are listed below.
As you can see, firms are favoring corporate acquirers rather than their peers in PE when it comes to selling off high-priced assets. IBM has been particularly active, with deals to acquire cloud-based healthcare data business Truven Health Analytics and the product and technology units of The Weather Channel. Big Blue reportedly plans to incorporate both companies’ technologies into its Watson supercomputer.
Another trend is emerging this year, too, with the largest PE exits seemingly concentrated in the B2C sector. Following the $4.6 billion secondary buyout of Petco, Carlyle’s sale of Vogue makes it two such deals in the year’s first five months that have exceeded $3 billion. Plenty of other slightly smaller deals have taken place in the space, including the sale of luggage maker Tumi from Doughty Hanson to Samsonite for about $2 billion and the exit by Calera Capital from mattress brand Sleepy’s at an aggregate price of $780 million.

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Johnson & Johnson Buys Vogue International

Jun 2, 2016 | CFO.com

By Katie Kuehner-Hebert

In a slow market for transformative deals, consumer products firm Johnson & Johnson announced a bite-sized transaction on Thursday.
Johnson & Johnson announced that it would buy Vogue International, a privately-held manufacturer of hair care and other personal care products, for about $3.3 billion in cash.
“Our acquisition of Vogue International’s full line of leading advanced hair care products sold in the United States and in 38 countries will strengthen our global presence in this important category,” Jorge Mesquita, worldwide chairman of the firm’s consumer unit, said in a press release.
The deal, expected to close during the third quarter, is not expected to impact the 2016 sales or earnings guidance ranges that Johnson & Johnson announced on April 19 in its earnings release.
At that time, the company said that it had updated its sales guidance for full-year 2016 to $71.2 billion to $71.9 billion, reflecting current foreign currency exchange rates. Additionally, Johnson & Johnson increased its adjusted earnings guidance for full-year 2016 to $6.53 to $6.68 per share.
“The deal for Vogue will hardly dent J&J’s finances,” USA Today wrote.
Still, the transaction will add popular brands OGX shampoos and FX hair styling products to Johnson & Johnson’s consumer product lineup.
“[Vogue] has focused on increasing its presence in drug stores and is spending more on buying shelf space than on consumer advertising,” Fortune wrote.
Buyout firm Carlyle Group LP acquired a 49% stake in Vogue in 2014. Only a year later, the privately held company paid a dividend to Carlyle. The terms of the minority stake purchase were not disclosed but when Vogue was up for sale in 2013 it was reportedly valued at about $800 million.

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Broadcast Media

Squawk On The Street

Jun 2, 2016 | CNBC

(1:07) View Clip Here: http://app.criticalmention.com/app/#clip/view/22876977?token=72681359-a02a-4919-a8cd-803d8e5ef5ed

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Bloomberg GO

Jun 2, 2016 | Bloomberg

(00:22) View Clip Here: http://app.criticalmention.com/app/#clip/view/22877040?token=72681359-a02a-4919-a8cd-803d8e5ef5ed

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Bloomberg Markets

Jun 2, 2016 | Bloomberg TV

(00:20) View Clip Here: http://app.criticalmention.com/app/#clip/view/22900293?token=72681359-a02a-4919-a8cd-803d8e5ef5ed

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Bloomberg Markets

Jun 2, 2016 | Bloomberg TV

(00:17) View Clip Here: http://app.criticalmention.com/app/#clip/view/22900301?token=72681359-a02a-4919-a8cd-803d8e5ef5ed

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Bloomberg Markets: European Close

Jun 2, 2016 | Bloomberg TV

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N12NJ -- New York, NY

Jun 2, 2016 | N12NJ

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KVUE (ABC) -- Austin, TX

Jun 2, 2016 | KVUE

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KDBC (CBS) -- El Paso, TX

Jun 2, 2016 | KDBC

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KTVU (FOX) -- Monterey, CA

Jun 2, 2016 | KTVU

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ABC Action News

Jun 2, 2016 | ABC Action News

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NBC-Tampa

| NBC-Tampa

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Nasdaq News

Jun 2, 2016 | Nasdaq News

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