MEXICO CITY, Feb. 21, 2012 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. ("Genomma") (BMV: LAB.B.) today announced that it has submitted a non-binding proposal to acquire all of the outstanding shares of Prestige Brands Holdings, Inc. ("Prestige") (NYSE: PBH) common stock for $16.60 dollars per share in cash. The transaction is valued at approximately $834 million dollars, not including Prestige's net debt.
Genomma's all-cash proposal represents a premium of 23% over Prestige Brand closing stock price on February 17, 2012 and a 47% premium over the three month historical average of Prestige's share price, both as of February 17, 2012.
Genomma noted that its Board of Directors unanimously supports this proposal. Among other matters, this proposal is subject to confirmatory due diligence and the negotiation of definitive documentation, as well as receipt of customary corporate and regulatory approvals.
Genomma has delivered its proposal to the Chairman and Chief Executive Officer of Prestige. Below is the text of the letter that was sent today to Prestige:
Prestige Brands Holdings, Inc.
90 North Broadway
Irvington, New York 10533
Attention: Matthew M. Mannelly
Chairman and Chief Executive Officer
February 21, 2012
Dear Mr. Mannelly:
As I have explained to your advisors, Genomma Lab Internacional, S.A.B. de C.V.'s ("Genomma") is proposing to acquire all of the outstanding shares of common stock of Prestige Brands Holdings, Inc. ("Prestige") at a price of $16.60 dollars per share in cash. Our goal is to work with you to agree to a negotiated transaction. However, due to the unique opportunity presented by our proposal for your shareholders to realize full and immediate value, we have decided to make this proposal known to your shareholders. Consequently, we are making this letter public simultaneou
|SOURCE Genomma Lab Internacional|
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