Billion Dollar Razor Startup Purchase Dropped

SCHICK PARENT COMPANY AND HARRY'S RAZORS CANCEL PLANNED ACQUISITION IN LIGHT OF FTC LAWSUIT.

(CNN) – Harry’s razors will stay an independent company for now.

The deal for the maker of Schick razors to acquire the company is now dead.

That announcement comes a week after the Federal Trade Commission filed a lawsuit to block the $1.4 billion deal.

The FTC”s position is Harry’s, which was founded in 2012 provided a needed disruptive force in the razor industry.

It was previously dominated almost completely by just two companies.

Both Harry’s and Schick parent company Edgewell say the FTC’s block is without merit, but fighting it in court would be too expensive and time consuming.

News of the canceled deal sent Edgewell stock up 25% on Monday.

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