prestige brands rejects offer of mexican genomma
(Reuters) – American Prestige Brands rejected on Monday the offer of purchase unsolicited submitted by the Mexican Genomma Lab, considering that the price is inappropriate and does not respond to the interests of the company. Prestige said that his “Council is open to consider “” offers that maximize the value of its shareholders”. Genomma announced in February its intention to buy the actions of Prestige to 16.60 dollars per title, in one operation valued at 834 million dollars in cash without consider debt. “The proposal reflects only a 23 percent premium on “ the price of closing of Prestige Brands of 13.50 dollars in the “ last day of trading before the public announcement”, said Prestige in a statement. Prestige shares closed Monday at 16.65 $, with a rise of 1.96 per cent in New York, while the roles of Genomma lost a 0.45 per cent in the stock market Mexican to 24.41 dollars. “This premium is very down similar transactions”, added the American firm, which sells brands of free prescription drugs and products for the cleaning of the home. Genomma executives were not available to make comments, but the company disseminated over the internet one presentation explaining your interest in the offer before the rejection of Prestige. Prestige said that the offer is also opportunistic because is he presented just as the market was beginning to recognize the...
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