IRVINGTON, N.Y. — Prestige Brands will take an acquisition offer from Genomma Lab Internacional under advisement, the company announced Tuesday evening.
Prestige Brands confirmed the company's receipt of a non-binding letter from Genomma Lab Internacional, proposing to acquire all outstanding common shares of Prestige Brands at a price of $16.60 per share in cash.
"The 'offer' described in the letter is highly conditional, requiring, among other things, due diligence, significant financing and Genomma Lab shareholder approval," Prestige stated in a release. "Given the extensive conditionality, combined with the absence of detail and the expressed preference for a negotiated transaction, we are puzzled by Genomma Lab’s decision to go public without any attempt to first engage in discussions with, or make a proposal to, the board of directors of Prestige Brands. The company advises shareholders that they need not take any action at this time in response to Genomma Lab’s letter."
Consistent with its fiduciary duties to act in the best interests of Prestige Brands and its stockholders, and in consultation with its independent financial and legal advisors, the board of directors of the company will review the Genomma Lab letter and respond in due course, Prestige stated.