(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 value
the recent acquisition of brands that the company
American shape with GlaxoSmithKline for about 615
million $.
The firm said that Genomma proposal does not include
debt commitments or provides evidence of having
sufficient financial resources to complete the transaction
at the right time.
Genomma said in his presentation that the purchase would be
funded debt and liabilities of Prestige would be
refinanced be necessary.
