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Playtex To Be Acquired By Energizer Holdings

August 6, 2007

Consumer products companies Energizer Holdings, Inc. and Playtex Products, Inc. announced the signing of a definitive agreement by which Energizer will acquire Playtex for $18.30 per share in cash plus the assumption of Playtex debt. Total enterprise value of the transaction is approximately $1.9 billion.

The all-cash offer per share represents a 26% premium over Playtex’s closing stock price on July 10 and its average stock price for the past 90 trading days. The transaction was approved unanimously by the boards of directors of both companies. Energizer will finance this acquisition through cash and existing and new committed credit facilities.

“We believe this is a great development for Playtex shareholders and employees,” said Neil DeFeo, chairman and chief executive officer of Playtex. “It represents a significant premium over our current trading price, and an opportunity for our shareholders to capture the value that has been created at Playtex over the last several years. For our employees, it means becoming a part of a much larger consumer products business with the scale and resources to thrive in an increasingly competitive environment.”

Playtex’s sales for its most recently reported 12 months through March 2007 totaled $641 million, and earnings before interest, taxes, depreciation and amortization were $126 million. Actual GAAP earnings for that period were $34 million—not including Playtex’s recent acquisition of Hawaiian Tropic, which sold $112 million in 2006 . Over 93% of the company’s sales are in North America.
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