Procter & Gamble said it will give 3.9033 shares in Galleria, a vehicle created for the transaction to split off Procter & Gamble’s specialty beauty brands division, for each Procter & Gamble (P&G) share that investors want to tender as the company slims down to focus on its best-performing brands.

P&G is offering 409,726,299 shares of Galleria common stock for shares of P&G common stock. Based on the final exchange ratio, P&G will accept for exchange a maximum of 104,969,205 shares of P&G common stock in the exchange offer, the Cincinatti-based company said in a statement on Wednesday.

In the proposed transaction, P&G will transfer the assets and liabilities of P&G specialty beauty brands to Galleria, a wholly owned subsidiary of P&G. Following completion of the exchange offer, Galleria will merge with a subsidiary of Coty (COTY) and become a wholly owned subsidiary of Coty.

The shares tendered in the exchange offer will convert into Coty class A shares on completion. The specialty beuty brands division consists of fine fragrances, salon professional, cosmetics and retail hair color businesses, along with select hair styling brands.

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