UPDATE 1-Physicians Formula gets rival buyout proposal

Thu Sep 6, 2012 4:38pm IST

Stocks

   

* Receives new offer at $4.90 per share

* Swander Pace had offered $4.25 per share

* New offer at a premium of 12 pct to Wednesday close

* Co says not yet determined bid as superior

Sept 6 (Reuters) - Cosmetics company Physicians Formula Holdings Inc, which in August agreed to go private with Swander Pace Capital, said it received a rival buyout offer of about $67.2 million from an unnamed party.

The new unsolicited, non-binding offer of $4.90 per share is at a 12 percent premium to Physicians Formula's Wednesday close of $4.37. Swander Pace had agreed to pay Physicians Formula shareholders $4.25 per share in cash.

Physicians Formula, which is evaluating the new proposal, said its board has not yet determined that the bid is superior to Swander Pace's proposal.

Founded in 1937, Physicians Formula sells high-priced cosmetics and skin care products at chains owned by Wal-Mart Stores Inc, Target Corp and Rite Aid Corp .

Shares of Physicians Formula, which has a market capitalization of about $60 million, have risen 19 percent since the Swander Pace deal was announced.

  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage