Matrixx Initiatives announced today that it has increased its offer to acquire all of the outstanding shares of ProPhase Labs, Inc. (NASDAQ: PRPH) by 14.3% to $1.60 per share.
The revised offer represents a premium of 51.7% over the 30-day average closing price of ProPhase's stock and a 53.7% premium to ProPhase's average closing price over the 12 months preceding September 6, 2012 (the day ProPhase's founder and former Chairman, Guy J. Quigley, filed a Schedule 13D announcing Matrixx's purchase of a three-year option to acquire 1.45 million shares of ProPhase common stock). Matrixx had initially proposed an all-cash acquisition of ProPhase for $1.40 per share on May 29, 2012.
"We believe our revised all-cash offer is highly attractive to ProPhase shareholders and we hope to commence discussions with ProPhase at the earliest opportunity," said Marylou W. Arnett, Chief Executive Officer of Matrixx. "Our offer is especially attractive when considering that we believe ProPhase faces significant challenges by remaining as a standalone entity, including lack of scale,
- Get Livefyre
- FAQ
