February 10, 2020 / 12:00 PM / 2 months ago

UPDATE 1-Schick razor maker abandons $1.37 bln deal for Harry's after FTC opposition

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Feb 10 (Reuters) - Schick razor maker Edgewell Personal Care on Monday scrapped its $1.37 billion deal for peer Harry's Inc after the U.S. competition regulator sought to stop the deal.

The Federal Trade Commission earlier this month said it would file a lawsuit to block the acquisition, arguing it would harm competition in the U.S. shaving industry.

"We are disappointed by the FTC's decision and continue to disagree with its position," Chief Executive Officer Rod Little said in a statement.

"Given the inherent uncertainty of a potential trial, the required investment of resources and time ..., we determined that proceeding with our standalone strategy is the best course of action for Edgewell," he said.

The shaving market has long been dominated by Procter & Gamble Co, which makes Gillette brand razors, and Edgewell, which makes Wilkinson Sword and many private label razors. The market was shaken up by the entry of Harry's and Dollar Shave Club - bought by Unilever in 2016 - with their online-focused businesses.

Edgewell said privately owned Harry's intended to pursue litigation against it. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)

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