Physicians Formula agrees to go private for $75 million
Sept 27 (Reuters) - Cosmetics company Physicians Formula Holdings Inc said it will be bought by privately held peer Markwins International Corp for about $75 million in cash.
The announcement comes two weeks after Physicians Formula said it received a go-private offer from an unnamed party at $4.90 per share, which at the time represented a premium of 12 percent to the previous day's close.
The company had earlier agreed to be taken private by Swander Pace Capital for $4.25 per share, in the absence of a more attractive offer.
Physicians Formula sells cosmetics and skin care products at chains owned by Wal-Mart Stores Inc, Target Corp and Rite Aid Corp.
On closing, which is expected later this year, employees of Physicians Formula will continue to work at its facilities in Azusa, California.
Blackstone Advisory Partners LP is financial adviser to Physicians Formula, while Spartan Group LLC advised Markwins.
Shares of Physicians Formula, which have risen 15 percent since it received the Swander Pace offer in August, closed at $4.85 on Wednesday on the Nasdaq.
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