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Sunscreen acquisitions

This article was originally published in The Tan Sheet

Executive Summary

Energizer Holdings announces July 12 it will acquire Playtex Products, which includes sunscreen brands Banana Boat and Hawaiian Tropic. Under the $1.9 bil. definitive purchase agreement, Energizer will acquire Playtex for $18.30 per share in cash - a 26% premium over the stock's closing price on July 10 and its average stock price for the past 90 trading days - plus the assumption of Playtex's debt. The transaction was approved unanimously by each company's board. Playtex took over the brands in its $83 mil. acquisition of Tiki Hut Holding Co. in April 2007 (1"The Tan Sheet" April 23, 2007, In Brief)...

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