Twinlab
This article was originally published in The Tan Sheet
Executive Summary
Acquiring La Jolla, Calif.-based PR Nutrition, which markets the Ironman Triathlon Bar, for approximately $39.7 mil., Hauppauge, N.Y.-based Twinlab announces Aug. 21. Under the deal, which is expected to close by Sept. 1, Twinlab will issue approximately 1.2 mil. shares of common stock worth nearly $40 mil. based on the closing price Aug. 20 of 34-1/2. The Ironman Triathlon Bar will complement Twinlab's existing Ironman Triathlon sports nutrition products, which are set to roll out in late September under a licensing agreement with the sporting event organizer ("The Tan Sheet" Aug. 20, p. 10). PR also markets the PR Bar and the 40/30/30 nutritional program via direct sales, as well as other food bars and powdered drinks. PR Nutrition had unaudited sales of $16.5 mil. and net income before taxes of $3.3 mil. in 1997. Twinlab said the acquisition will be accounted for as a pooling of interests merger and will be accretive to earnings...
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