Prestige Brands (PBH) Plunges As Genomma Drops Takeover Bid
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Prestige Brands Holdings, Inc. (NYSE: PBH) is reeling Thursday after Genomma Lab Internacional, S.A.B. de C.V to drop its proposed acquisition of the company at $16.60 per share in cash.
As recent as yesterday at approximately 6:00 p.m. EST, Prestige's advisors notified Genomma's advisors that Prestige would only engage in discussions with Genomma upon Genomma making a significant increase in the purchase price.
Genomma said "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."
As recent as yesterday at approximately 6:00 p.m. EST, Prestige's advisors notified Genomma's advisors that Prestige would only engage in discussions with Genomma upon Genomma making a significant increase in the purchase price.
Genomma said "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."
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