Edgewell stock jumped nearly 18% in New York on Tuesday after the Schick razor maker rejected an unsolicited takeover proposal from private equity firm Yellow Wood Partners.
The board deemed Yellow Wood's $30-a-share offer too low, according to a Bloomberg report, signaling investors expect either a higher bid or stronger standalone value.
The move extended an earlier gain of more than 14% reported after the rejection surfaced, underscoring how sharply the market discounted the initial offer.
The episode puts Edgewell in play while leaving open whether Yellow Wood returns with a sweeter proposal or the company remains independent.