Mexican Genomma would insist on buying U.S. Prestige
MONTERREY (Reuters) – the Mexican pharmaceutical Genomma Lab said on Thursday that will insist on its proposal to buy at the American company Prestige Brands, in an operation that could even be made through a hostile offer. Genomma said that he intends to nominate five independent candidates as members of the Council of Administration of Prestige, then that it rejected his proposal to acquire the company from consumer products. “The sole purpose of Genomma to seek nominations “ is to advance in its inadequate, highly conditional proposal and “ seek to acquire Prestige at the lowest possible price”, said Prestige in a statement. The American, to held a shareholders Assembly Next June 29, said it will evaluate the notification of according to the statutes of the company and the legislation force, to make a recommendation on the subject to their shareholders. Genomma announced in February its intention to buy the actions of Prestige at 16.60 dollars per title, in one operation valued at 834 million dollars, excluding debt. Some analysts consider that the Mexican, possessing a 100 shares of Prestige, could raise the price of its offer, but others argue that even a hostile bid could spear to comply with its international expansion plans. “99 Percent of the shares of Prestige are public and “ Genomma is talking to minority shareholders in search of support, we believe that the...
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