Revlon rejected Pantry Pride’s reduced bid.

Michel C. Bergerac, chairman and chief executive of Revlon, said that the company’s board concluded that the offer was “grossly inadequate and not in the best interest of Revlon stockholders.” In a highly conditional tender offer announced Aug. 23, Pantry Pride offered $47.50 a share but reduced it to $42 a share Sept. 16. As a result of the unsolicited takeover bid, Revlon launched an exchange offer that resulted in its stockholders tendering more than 87% of the company’s shares.