Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Bill Schmitz from Deutsche Bank. Your line is open.
Bill Schmitz - Deutsche Bank
Thanks. Hi, good morning guys.
Jim Marino
Hey, Bill. How are you? How was it at your roof top?
Bill Schmitz - Deutsche Bank
We missed you, but it was great.
Jim Marino
Okay good.
Bill Schmitz - Deutsche Bank
Hey, the price increase of Proctor now is I think -- mid point about 10% in hair care. Do you guys intend to follow that increase?
Jim Marino
Well, it's interesting, first of all Proctor did not take it across the broad price increase. If you looked at it closely it was on selected brands, not on everything. We're analyzing all of our cost inputs very, very closely. We're in the process of doing that as we speak and I am sure we'll make a determination as to what the right course of action for us will be sometime in the next 60 days or so.
Bill Schmitz - Deutsche Bank
Okay. Great. Then just on Cederroth and the closing is there any financing contingency on the deal or is it pretty much locked up?
Ralph Nicoletti
Financing shouldn’t be a problem, Bill.
Bill Schmitz - Deutsche Bank
Okay. Is there a continuity in the contract though?
Ralph Nicoletti
No.
Bill Schmitz - Deutsche Bank
Okay, great. Thanks and then one last, if I can. Just on trade down. It looks like the value VO5 is really starting to accelerate. Does that mean that we are seeing a lot more trade down in the category?
Jim Marino
I don’t think so, Bill. I really don’t see that because if you look at the entire sub segment, of opening price point which would include VO5 and the competitive brands you are not seeing an increase in that sub segment. So, I would say not. We haven’t seen any trading down in the category this far.
Bill Schmitz - Deutsche Bank
Okay, so VO5's opening price point just taking share from Schwab effectively?
Jim Marino
Exactly and any other competitive entry.
Bill Schmitz - Deutsche Bank
Great. Thanks so much.
Jim Marino
Sure.
Operator
Your next question comes from Chris Ferrara from Merrill Lynch. Your line is open.
Chris Ferrara -Merrill Lynch
Hey. Good Morning guys.
Jim Marino
Hi Chris. How are you?
Chris Ferrara -Merrill Lynch
Just wanted to ask. So obviously you guys have gone a little more aggressive on share buy back, increased the authorization. Can you just give us an update and how this syncs with the desire to add brand, you know, to acquire something and then what the market looks like out there.
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