“This was actually a very good deal,” CEO David Taylor said in response to a question from the audience during the annual meeting of shareholdersat the company’s headquarters in downtown Cincinnati. “The way the price was announced and the way it turns out has to do with the way the contract was written and the way the deal was structured.”
Jon Moeller, the company's chief financial officer went even further, insisting that the $11.4 billion sale “was about $5 billion more than the value we thought we could create internally by retaining those brands, so this is a great outcome for shareowners.”
Moeller noted that the ultimate price depended on the price of Coty stock because that was part of the consideration of the transaction.
"And that had some natural variability to it, but it’s a very good outcome for the company, for the people that work on those businesses and for the shareowners,” he concluded.