Genomma Targets Prestige’s Objections To Takeover
This article was originally published in The Tan Sheet
Genomma Lab shareholders approve an unsolicited bid for Prestige Brands with permission to up the ante. In another development that comes as Prestige closes the acquisition of 17 OTC brands from GSK, Prestige acknowledges Genomma’s slate of board nominees to be voted on at a June 29 shareholder meeting.
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Prestige Brands encourages shareholders not to act on Genomma Lab’s “highly conditional” unsolicited $834 million takeover bid. A merger would give Genomma access to the U.S. market and the Mexico City-based bidder said it would boost Prestige’s marketing and international presence. Analysts give the deal a 50/50 shot of happening.
Prestige Brands acquires GlaxoSmithKline’s BC and Goody’s analgesic brands as part of $660 million deal for 17 North American OTC lines, also including Beano gas treatment, FiberChoice supplement and Sominex sleep aid.