This article was originally published in The Tan Sheet
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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