UPDATE 1-Mexico's Genomma will not raise Prestige offer

Thu Apr 26, 2012 4:29pm EDT

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.

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