Procter & Gamble has called off its planned takeover of women’s razor startup Billie, citing regulatory action to block the deal as anti-competitive.
The Federal Trade Commission filed a complaint last month alleging the deal was “likely to result in significant harm by eliminating competition between the market leader and an important and growing head-to-head competitor.”
P&G owns the Gillette razor brand while Billie has found a market niche by selling discounted women’s razors and attacking the industry for its “pink tax” practice of charging more for women’s products.
“We were disappointed by the FTC’s decision and maintain there was exciting potential in combining Billie with P&G to better serve more consumers around the world,” the companies said in a joint statement on Tuesday.
However, they added, “after due consideration, we have mutually agreed that it is in both companies’ best interests not to engage in a prolonged legal challenge,