KEY POINTS:
Energizer will buy Playtex for about US$1.16 billion ($1.49 billion).
Energizer's offer of US$18.30 per share in cash is an 18 per cent premium over Playtex's closing stock price last Thursday.
Energizer is also assuming an undisclosed amount of debt, which it said would boost the purchase price to $US1.9 billion.
Connecticut-based Playtex makes skin and infant care products.
Energizer is one of the world's largest manufacturers of batteries and flashlights. It is also the parent company of Schick-Wilkinson Sword.