Harbinger Capital urges Playtex to sell divisions, consider strategic alternatives

By Lisa Kerner

Charlotte, N.C., Feb. 15 - Shareholders led by Harbinger Capital Partners Master Fund I, Ltd. acquired additional stock in Playtex Products, Inc. believing that there are "multiple potential buyers for each of the company's divisions," according to a schedule 13D filed with the Securities and Exchange Commission.

Harbinger, with a 13.1% stake in the company, objects to Playtex's proposed acquisition strategy, citing its risk, increased leverage and entrance into new markets.

The shareholders stated in the filing: "The sale of some or all of the divisions would result in a significant premium to the current market value of Playtex's shares," and urged the board to explore strategic alternatives, including partnering opportunities.

Playtex is a Westport, Conn., personal care and consumer products company.

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