UPDATE 1-Mexico's Genomma will not raise Prestige offer
April 26 (Reuters) - Mexican pharmaceutical products company Genomma Lab said on Thursday its board will not raise its initial $16.60 per share offer for Prestige Brands Holdings , in spite of that company rejecting the offer.
Genomma, which sought to buy the maker of Comet, Spic and Span, and other cleaning products in February, said in a statement it has agreed financing to complete the deal.
Prestige Brands said in March Genomma's proposal was "inadequate and highly conditional."
Genomma's offer of $16.60 in cash per share for Prestige Brands was a premium of 23 percent over the company's closing price on Feb. 17, the last close before Genomma made its offer.
- Obama condemns killing of reporter, U.S. hits militants in Iraq |
- Gaza war rages on, Hamas says Israel tried to kill its military chief |
- Four beheaded corpses found in Egypt's Sinai: security sources
- Father of Texas 'affluenza' teen arrested for impersonating police officer
- Islamic State opens new anti-U.S. front with beheading video