Gillette Co. rejected Revlon Group’s third takeover...

Gillette Co. rejected Revlon Group’s third takeover bid in nine months, turning down a cash and securities transaction worth about $5.4 billion. Boston-based Gillette said in a statement that its directors believe that it “has a bright future as an independent company.” Revlon can’t make a formal offer to Gillette shareholders without the permission of Gillette management, under an agreement reached between the two companies after Revlon dropped its first acquisition offer in November.