Sept 27 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
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.