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Genomma Tries To Force Prestige Takeover By Seeking Board Posts

 
• By Elizabeth Crawford

Genomma intends to seek a large board presence after Prestige Brands on March 12 rejected its unsolicited bid of $16.60 a share, an offer Prestige said was “well below the intrinsic value of the firm,” and plagued with other problems, including unsecured finances.

Genomma Lab Internacional SAB de CV wants to nominate five individuals to Prestige Brands Holdings Inc.’s board in a likely attempt to force the OTC drug and personal care product marketer to accept its hostile takeover bid of $834 million.

Genomma announced March 15 its intention to nominate a full slate of directors at PBH’s annual meeting of shareholders June 29 after Prestige Brands on March 12 rejected its unsolicited bid of $16

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