Genomma Lab Internacional SAB (LABB), the Mexican producer of over-the-counter drugs, said shareholders approved its unsolicited bid to buy Prestige Brands Holdings Inc. (PBH:US) for $16.60 a share.
Genomma is seeking to buy Prestige shares “directly or indirectly,” according to the statement today to the Mexican stock exchange.
Prestige, the maker of Comet household cleaner and Clear Eyes eye drops, turned down Genomma’s offer on March 12, saying the $834 million value the Mexico City-based company established wasn’t sufficient. The Mexican stock had slumped 20 percent from Feb. 17, the last trading day before Genomma announced its plan to buy Prestige, through yesterday.
While Prestige has been trading above the offer price, Genomma’s Chief Financial Officer Oscar Villalobos said March 14 that his company has no intention “at this moment” to raise its bid.
Prestige shares fell 0.5 percent to $17.65 at 10:20 a.m. New York time. Genomma rose 1.1 percent to 23.28 pesos.
Villalobos declined at the time to say whether Genomma would take its offer directly to shareholders of Irvington, New York-based Prestige.
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