Join        Login             Stock Quote

Markwins International Closes Purchase Of Physicians Formula (FACE)

 December 12, 2012 02:50 PM

(By Balaseshan) Physicians Formula Holdings Inc. (NASDAQ: FACE) said Markwins International Corp. has bought all outstanding securities of the cosmetics company for $75.0 million or $4.90 per share in cash.

Physicians Formula stockholders also received a special 3 1/2 cent per share dividend as part of the transaction. The $4.90 per share price represents a premium of about 33% to Physicians Formula's closing stock price on August 14 and a premium of about 40% to its one-month volume-weighted average price as of that same date.

The acquisition of Physicians Formula represents a major step towards Markwins' strategy to add an up-market brand in the "masstige" cosmetics space to its existing dominant entry point wet n wild brand, and become the next major global innovator of beauty products. This is Markwins' second acquisition following its acquisition of AM Cosmetics in 2003.

[Related -Analyst Comments: Molina Healthcare, Rockwell Automation, British Sky Broadcasting, Physicians Formula Holdings, SurModics]

Ingrid Jackel, Chairwoman and CEO of Physicians Formula, will become an executive of Markwins and will, along with the rest of her management team, continue overseeing Physicians Formula under Markwins' ownership. Senior debt financing for the transaction was provided by Cathay Bank.

Blackstone Advisory Partners L.P. served as exclusive financial advisor to the Special Committee of the Board of Directors of Physicians Formula and Sheppard Mullin Richter & Hampton LLP served as legal advisor to Physicians Formula in connection with the transaction.

[Related -Earnings Reports - Mar 10 2008 7:00PM]

FACE is trading up 1.45% at $4.90 on Wednesday. The stock has been trading between $2.76 and $5.14 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.