Prestige Downplays Hostile Genomma Bid, Leaving Merger In Doubt

Prestige Brands encourages shareholders not to act on Genomma Lab’s “highly conditional” unsolicited $834 million takeover bid. A merger would give Genomma access to the U.S. market and the Mexico City-based bidder said it would boost Prestige’s marketing and international presence. Analysts give the deal a 50/50 shot of happening.

Prestige Brands Holdings Inc. encourages shareholders not to acton Genomma Lab Internacional’s “highly conditional” unsolicited $834 million takeover bid, the U.S.-based consumer products firm said Feb. 21.

The Mexico City-based pharmaceutical and personal care products company’s apparently hostile bid to pay Prestige $16.60 per share, excluding debt, represents a 23% premium over Prestige’s previous trading day’s closing price of $13

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