Pink Sheet is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

PANTRY PRIDE MAKES NEW $50 A SHARE CASH OFFER FOR REVLON

Executive Summary

PANTRY PRIDE MAKES NEW $50 A SHARE CASH OFFER FOR REVLON in a Sept. 27 letter from Pantry Pride Chairman and CEO Ronald Perelman to Revlon Chairman and CEO Michel Bergerac. "Our proposal requires that Revlon's Board redeem the 'poison pill' rights, (and) waive the covenant relating to sales of assets, incurrence of debt and restricted payments contained in the notes issued in Revlon's exchange offer," the letter stated. Perelman further stated that Revlon would also have to "waive the covenant relating to the ratio of debt to capitalization contained in the preferred stock issued in the exchange offer." He noted that under all of these conditions, Pantry Pride's proposed transaction would not be subject to a financing condition. "As you know, any third party offer would ask that you take such action," Perelman said. The letter follows Revlon's Sept. 24 announcement that its board had unanimously rejected Pantry Pride's $42 a share tender offer as "grossly inadequate and not in the best interests of Revlon stockholders." That offer, which was announced on Sept. 16, replaced an earlier $47.50 a share proposal, which was also rejected by Revlon ("The Pink Sheet" Sept. 16, p. 8). As you know, we have always been interested in a negotiated transaction," Perelman stated. "We remain convinced that a mutually agreed upon transaction is in the best interests of the stockholders of Revlon and Pantry Pride."

You may also be interested in...



Part D Discount Liability Coming Into Focus: CMS Releases Drug Cost Data

Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011

FDA Skin Infections Guidance Spurs Debate On Endpoint Relevance

FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials

Shire Hopes To Sow Future Deals With $50M Venture Fund

Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth

UsernamePublicRestriction

Register

LL1133951

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel