Physicians Formula Gets Rival Buyout ProposalThursday, September 6, 2012
Physicians Formula Holdings Inc, which in August agreed to go private, said it received a rival buyout offer of about $67.2 million from an unnamed party, Reuters reports.
The new unsolicited, non-binding offer of $4.90 a share is a 12 percent premium to the Azuza cosmetics company's Wednesday close of $4.37. Swander Pace had agreed to pay Physicians Formula shareholders $4.25 per share in cash.
Physicians Formula said it's board is evaluating the new offer and its board has not yet determined if it is superior to Swander Pace's proposal.