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Parlux

This article was originally published in The Rose Sheet

Executive Summary

Chairman and CEO Ilia Lekach has withdrawn his offer to take the company private, fragrance company reports, noting it plans to file an 8-K with a copy of that notification. Following Lekach's unsolicited offer in June to pay $29 per share, an independent committee of the firm's board of directors responded it was not "prudent" to accept the offer due to "significant financial and other contingencies contained in the proposal" (1"The Rose Sheet" June 19, 2006, In Brief and 2"The Rose Sheet" July 3, 2006, In Brief). Parlux also confirms it has received offers for certain of its brands, and that the offers are being reviewed by the firm's board of directors. Company has not entered into definitive agreements regarding any of the offers, firm notes. Parlux holds the fragrance licenses to brands such as Paris Hilton, Perry Ellis, GUESS?, Maria Sharapova and Ocean Pacific...
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