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IRVINGTON, N.Y. — Genomma Lab is planning to present a list of candidates to serve on the board of directors of Prestige Brands.
The announcement followed Genomma Lab's unsolicited proposal to acquire Prestige Brands for $16.60 per share in cash. Although the deal was rejected, Genomma Lab intends to present the list at Prestige Brands' upcoming annual meeting in June.
"Genomma's sole purpose in seeking to propose a slate of nominees is to advance its inadequate and highly conditional proposal and to seek to acquire Prestige Brands at the lowest possible price," the company said. "Prestige Brands is committed to maximizing stockholder value, and would be open to compelling, fully financed offers that provide certainty of closing. The Prestige Brands board, comprised of independent, high-quality directors, previously rejected Genomma’s unsolicited highly conditional proposal, and determined that the proposed price is inadequate and the proposal is not in the best interests of the company and its stockholders."
Prestige Brands added that the company will evaluate the notice in accordance with its bylaws and applicable law, and its board will make a recommendation with respect to nominations in due course that is in the best interests of all of the company’s stockholders.