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Derma Sciences launches first honey-based OTC product to retail shelves

BY Jason Owen

PRINCETON, N.J. — Derma Sciences, Inc., a medical device and pharmaceutical company focused on advanced wound care, today reported that it has made an initial shipment of its first honey-based over-the-counter product to a leading U.S.-based pharmacy chain. This private-label dressing is based on the Medihoney HCS dressing, which is an ideal dressing for dry to lightly exuding wounds including minor burns, cuts and abrasions. The dressing is expected to be on the shelves in more than 4,000 stores by the end of September. This OTC dressing is expected to add approximately $1.2 million to Derma Sciences’ traditional wound care sales in the second half of 2013.

“The development of an OTC honey-based dressing is an important achievement for Derma Sciences and is indicative of our ability to modify our advanced wound care products to the consumer market,” said Edward J. Quilty, Derma Sciences chairman and chief executive officer. “We are thrilled that this large pharmacy chain has recognized the quality of our products and are excited to offer this innovative dressing, our first honey-based OTC dressing, to the broader market.”

As part of the private-label supply agreement, Derma Sciences will be working with the pharmacy chain to encourage adoption and utilization. The company will launch a similar dressing into the professional market during the fourth quarter in order to create initial awareness and demand within the hospital setting, and then educate patients and caregivers to the product’s availability within the retail pharmacy setting.


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Method introduces foaming dish soap available in new spray design

BY Jason Owen

SAN FRANCISCO — Method Products, PBC, a manufacturer of eco-friendly home cleaning, laundry and personal care products, is innovating in the dish category again, this time with the launch of Power Foam dish soap — a foaming dish soap in an ergonomic trigger spray bottle.

By combining functional design, delightful fragrance and powerful formula, Method has created a dish soap ideal for quick, convenient cleaning that fits with today’s busy lifestyles. Power Foam’s innovative design allows for targeted cleaning, with the ability to spray instantly foaming soap on a sponge or directly onto a dish. The trigger spray makes it easy to clean everything from narrow openings like baby bottles to wide surface areas like baking pans. The foaming formula and targeted application help the naturally derived cleaners get to work quickly on tough grease and stuck-on food.

“People are doing their dishes differently these days,” said Josh Handy, Method’s VP of product experience. “Most dish soaps available today are designed for filling up a sink with bubbles rather than for washing in a targeted manner, which is what we’re seeing more people do. Seeing this shift in how people wash their dishes, we decided to create a product that improves the experience of an everyday chore and makes washing the dishes a bit more enjoyable.”

The easy-to-spray design and fun foaming soap make Method’s Power Foam dish soap an ideal solution for getting kids involved in the dishwashing routine. Parents can feel good about letting them pitch in because of the non-toxic formula free of dirty ingredients.

Power Foam is available in three scents: French Lavender, Pink Grapefruit and Lemon Mint and retails for $3. The recyclable bottles are made with 100% recycled plastic.


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Dole Food, David H. Murdock announce merger agreement; company to go private

BY Jason Owen

WESTLAKE VILLAGE, Calif. — Dole Food Company, Inc., and David H. Murdock, Dole’s chairman and CEO, today jointly announced that they have signed a definitive merger agreement pursuant to which Murdock, acting through his affiliates, will acquire for cash all of the outstanding shares of Dole common stock not currently beneficially held by him.

Under the terms of the merger agreement, Dole stockholders will receive $13.50 in cash for each share of Dole common stock that they hold, in a transaction which (with the assumption of debt) places the total enterprise value of Dole at approximately $1.6 billion. This price represents an increase of $1.50 per share from the original proposal Murdock delivered to Dole on June 10, 2013, and a premium of 32% over the $10.20 per share price of the stock immediately prior to such proposal.

The board of directors of Dole, with Mr. Murdock abstaining, acting on the unanimous recommendation of a special committee of independent and disinterested directors, unanimously approved the merger agreement pursuant to which Murdock will take the company private. The transaction is subject to a number of conditions, including approval by at least a majority of the outstanding shares of common stock held by stockholders of Dole other than Murdock and his affiliates. The special committee was formed after Murdock delivered the original proposal to Dole.

The transaction will be financed through a combination of cash and equity contributed by Mr. Murdock, as well as financing that has been committed by Deutsche Bank, Bank of America and The Bank of Nova Scotia. The transaction is subject to other customary conditions, including receipt of required regulatory approvals, in addition to the stockholder approval mentioned above. The merger agreement provides for a “go-shop” period of 30 days, during which the special committee, with the assistance of Lazard, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The transaction is expected to close during the fourth quarter of 2013.

Lazard acted as financial advisor to the special committee. Mr. Murdock was advised by Deutsche Bank Securities Inc. in connection with the transaction.

For further information regarding the terms and conditions of the proposed merger, please see Dole’s Current Report on Form 8-K filed today with the SEC.


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