* 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 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.