The Estee Lauder Companies Inc. 2007 Annual Report
Intro
Portfolio of Brands
Chairmans Message
Chief Executives Review
Product Categories
Board of Directors
Officers
Financials
Stockholder Information
Environmental Profile
Form 10-K

NOTE 19 - UNAUDITED SUBSEQUENT EVENTS
In July 2007, the Company acquired Ojon Corporation, which markets and sells Ojon hair care and skin care products primarily through direct response television and specialty stores. In August 2007, the Company sold Rodan + Fields back to its founders.

In August 2007, pursuant to the Company's accelerated share repurchase program (see Note 12-Common Stock), the financial counterparty informed the Company that it had completed its obligations under the agreement. The per-share price paid by the Company at inception of the program exceeded the final VWAP. Accordingly, the Company received 97,417 shares of its common stock from the financial counterparty as a price adjustment and final settlement, which was recorded as treasury stock and additional paid-in capital in the consolidated balance sheet.