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Zila divertiture approved

This article was originally published in The Tan Sheet

Executive Summary

Zila receives shareholder approval to divest wholly-owned subsidiary Zila Nutraceuticals to NBTY, the Phoenix-based firm announces Sept. 28. The company expects the divestiture to be completed Oct. 2 for $37.5 mil. in a total cash transaction with up to an additional $3 mil. to be paid through an "earn-out formula dependent upon the future performance of the business." NBTY in August announced the proposed acquisition of the nutraceutical division, which includes the Ester-C and Ester-E branded ingredients (1"The Tan Sheet," Aug. 21, 2006, p. 5)...

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