Genomma drops proposed acquisition of Prestige Brands
IRVINGTON, N.Y. — Prestige Brands on Thursday acknowledged that Genomma Lab has withdrawn its unsolicited acquisition proposal.
“Prestige has stated repeatedly that it is open to considering offers that would create compelling value for stockholders and offer certainty of closing. That is still the case," the company said. "Prestige’s board of directors carefully reviewed Genomma's proposal with the assistance of its financial and legal advisors and, after thorough consideration in accordance with its fiduciary duties, determined that the proposed price was inadequate and the proposal was not in the best interests of Prestige Brands and its stockholders."
"As recent as yesterday at approximately 6:00 p.m. EST, Prestige's advisers notified Genomma's advisers that Prestige would only engage in discussions with Genomma upon Genomma making a significant increase in the purchase price," the Mexico City supplier stated Thursday. "Consequently, Prestige's unreasonable refusal to not have a single meeting to allow Genomma to conduct even the most rudimentary due diligence has served to deprive its shareholders of any chance of achieving an increase in the value of their shares."