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Genomma Targets Prestige’s Objections To Takeover

This article was originally published in The Tan Sheet

Executive Summary

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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In Brief

Novartis makes OTC exec change following recall and plant shutdown; Prestige Brands adopts plan to deter Genomma takeover bid; Pfizer scoops up Emergen-C maker Alacer; CSPI threatens Amway with Nutrilite suit; more news In Brief.

Prestige Downplays Hostile Genomma Bid, Leaving Merger In Doubt

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 Acquires 17 Glaxo OTC Brands, Enters Analgesics Market

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.

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