Derailed Edgewell-Harry’s Deal Is Warning Shot to Startup Buyers

Edgewell Personal Care Co. is ditching its bid to acquire shaving-supply maker Harry’s -- and the broader takeaway is that big consumer companies may have to think twice before snapping up feisty upstarts that are nibbling away at their market share.

The company said it’s abandoning the proposed $1.37 billion deal a week after the Federal Trade Commission sued to block the merger on antitrust grounds. Its shares climbed as much as 27% on Monday -- the most on record -- after the announcement, which accompanied quarterly earnings, cheered on by investors who felt the company was overpaying.

Edgewell ...