Genomma drops proposed acquisition of Prestige Brands
IRVINGTON, N.Y. — Prestige Brands on Thursday acknowledged that Genomma Lab has withdrawn its unsolicited acquisition proposal.
“Prestige has stated repeatedly that it is open to considering offers that would create compelling value for stockholders and offer certainty of closing. That is still the case," the company said. "Prestige’s board of directors carefully reviewed Genomma’s proposal with the assistance of its financial and legal advisors and, after thorough consideration in accordance with its fiduciary duties, determined that the proposed price was inadequate and the proposal was not in the best interests of Prestige Brands and its stockholders."
"As recent as yesterday at approximately 6:00 p.m. EST, Prestige’s advisers notified Genomma’s advisers that Prestige would only engage in discussions with Genomma upon Genomma making a significant increase in the purchase price," the Mexico City supplier stated Thursday. "Consequently, Prestige’s unreasonable refusal to not have a single meeting to allow Genomma to conduct even the most rudimentary due diligence has served to deprive its shareholders of any chance of achieving an increase in the value of their shares."
CHPA releases update on latest PSE legislation
WASHINGTON — The Consumer Healthcare Products Association on Thursday provided an update around pseudoephedrine legislation in its "CHPA Executive Newsletter," which is published monthly.
A bill supporting the use of the National Precursor Log Exchange is scheduled to be heard by Colorado’s Senate Judiciary Committee on May 4 following a House vote of 50-14 to pass the bill.
In Hawaii, a bill to adopt NPLEx is awaiting Gov. Neil Abercrombie’s signature. If signed, Hawaii would become the 22nd NPLEx state.
Alabama last month created a meth offender block list and restricted the sale of PSE to pharmacies. And Tennessee Gov. Bill Haslam has on his desk a bill that would block anyone convicted of a methamphetamine-related crime from purchasing any PSE products for a period of seven years.
GNC signed as presenting sponsor at ESPN’s 2012 ESPNHS Games
BRISTOL, Conn. — ESPN on Wednesday announced that GNC will headline the 2012 ESPNHS Games as presenting sponsor.
"Together, ESPN and GNC will inspire and educate hundreds of elite student athletes from across the country at the annual ESPNHS Games," stated Matt Genova, SVP ESPN multimedia sales. "This collaboration is a reflection of GNC’s strong commitment to improving the health and well-being of young athletes," he said. "GNC’s sponsorship includes on-site activations, including nutrition seminars, product sampling and creative execution across television, digital and print assets. Further, GNC’s digital presence includes custom integration across ESPNhighschool.com and ESPN.com with featured photo galleries and sponsored stories targeting Generation Z."
The Games — a three-week event featuring high school sports talent — will take place July 9 to 30 at ESPN Wide World of Sports Complex at Walt Disney World in Lake Buena Vista, Fla. The ESPNHS Games are anchored by the Champion All-American Showcase, a U.S. Lacrosse boys and girls event and the AAU 11th Grade Boys Basketball Super Showcase presented by Champion and Champion Gridiron Kings, a series of competitions featuring high school football players at the game’s seven skill positions: quarterback, running back, tight end, wide receiver, linebacker, cornerback and safety.
In addition, the ESPNHS Games feature several competitive events in football, lacrosse, field hockey, softball, basketball, baseball and track and field.