UPDATE 3-Energizer to buy SC Johnson shaving cream business

* Energizer to buy Edge and Skintimate for $275 mln

* May pay SC Johnson $310 mln in preferred stock instead

* Energizer shares down about 4 percent (Adds analyst comment, brand rankings, byline, updates stock activity)

By Jessica Wohl

CHICAGO, May 11 (Reuters) - Energizer Holdings Inc (ENR.N: Quote, Profile, Research) said on Monday that it plans to buy S.C. Johnson & Son Inc's Edge and Skintimate brands for $275 million, adding shaving creams and gels to its Schick-Wilkinson Sword razor business.

Shares of Energizer were down 3.9 percent in afternoon trade as investors reacted to the company's latest acquisition and plans for a new offering of 9.5 million shares.

If the common stock offering were unsuccessful, Energizer said it would give privately held S.C. Johnson $310 million in nonvoting redeemable preferred shares, along with semiannual dividends, instead of the $275 million in cash.

St. Louis-based Energizer, best known for its batteries, is no stranger to using acquisitions to expand into new areas. It got into the razor business when it bought Schick-Wilkinson Sword from Pfizer Inc (PFE.N: Quote, Profile, Research) in March 2003. More recently, it bought Playtex Products Inc, the maker of tampons, baby care items and suntan lotion, in October 2007.

Energizer's razor business ranks second behind Procter & Gamble Co's (PG.N: Quote, Profile, Research) Gillette.