Mexico’s Genomma to buy Prestige Brands for $834 million
22 Feb 2012
Mexican pharmaceutical products company Genomma Lab yesterday offered to buy Prestige Brands Holdings Inc, a maker of healthcare and household cleaning products, for $834 million excluding debt.
Genomma is offering $16.60 cash per share, a premium of 23 per cent over Prestige's closing share price on 17 February.
Prestige Brands International was originally formed in 1996, as a joint venture of Medtech Labs and The Shansby Group, to acquire over-the-counter drug brands from American Home Products.
In 1999, it merged with Medtech Products and The Spic and Span Company and dropped International from its name.
Today the Irvington, New York-based Prestige Brands manufactures personal care and home cleaning products. Its brands portfolio includes Cutex nail products, Chloraseptic sore throat products, Clear Eyes, Compound W wart removers, Efferdent, Luden's, and the Comet and Spic and Span cleaning products.
In December 2011, it acquired 15 over-the-counter (OTC) drugs from global healthcare giant GlaxoSmithKline for £426 million ($661 million) in cash.