Prestige Brands tells Mexican suitor ‘No mas’
IRVINGTON, N.Y. — Prestige Brands on Thursday reiterated its rebuke of a buyout offer from Mexican healthcare supplier Genomma Lab Internacional following Genomma’s release of a proposal presentation.
"As we have previously stated and as we told Genomma and its advisers on April 5, should they make [a compelling] offer, there would be a basis to engage with them," Prestige stated. "However, Genomma’s offer has not changed, and has already been unanimously rejected by the Prestige board as being inadequate and opportunistic. Aside from the offer not being compelling, Genomma has not provided any evidence that it has obtained financing commitments."
“Prestige is committed to maximizing stockholder value and would be open to compelling offers that provide certainty of closing," the company said. "We remain open to meeting with Genomma should they put forward a compelling offer.”
In the presentation dated April 26, Genomma is making an all-cash offer of $16.60 per share, valued at $856 million.
As of mid-day trading Friday, Prestige Brands shares were trading down some 20 cents for the day to $17.14 per share.
Citing those April 5 discussions with Prestige, Genomma suggested it would take its offer directly to Prestige shareholders. Genomma is targeting Prestige Brands’ June 29 annual shareholder meeting to claim five Prestige directorships with Genomma nominees and vote to accept its $16.60-per-share acquisition offer.
Tennis pro Serena Williams to serve up Sleep Sheets launch
NEW YORK — Tennis pro Serena Williams will serve as spokeswoman around the launch of Sleep Sheets, a natural sleep aid designed to support a natural sleep cycle, parent company PureBrands announced Friday.
"We’re thrilled that Serena has joined the Sheets team and played an influential role in the development of our new Sleep Sheets product," said Jesse Itzler, co-founder of PureBrands. "After the overwhelming success of Energy Sheets [originally launched with pitchman and NBA star LeBron James], we’re excited to launch Sleep Sheets today and help the millions of people who struggle with sleep issues."
Sleep Sheets are distinctive because they are paper-thin, individually wrapped, dissolvable strips. "We kept hearing from consumers that they dislike swallowing pills and consuming beverages before going to sleep," stated Warren Struhl, CEO PureBrands.
Each Sleep Sheet contains 3 mg of melatonin, 3 mg of l-theanine, 1 mg of goji berry extract and 1 mg of chamomile extract.
"As an athlete and businesswoman, I’m continuously on-the-go and have had issues sleeping for years," Williams said. "I’ve tried other products in the past and I am happy that I helped develop Sleep Sheets. Using them allows me to get a good night’s sleep, which means that I wake up feeling refreshed and ready to start my day."
To coincide with the product launch, Sheets Brand has teamed up with Walgreens exclusively to develop the "Dreams Come True" with Sleep Sheets promotion. Through July 31, consumers who purchase Sleep Sheets from Walgreens will have the chance to win a "dream day" with Serena Williams: an all-expense paid trip for two to New York, as well as a meet-and-greet with the tennis pro.
As part of the promotion, instant-win golden tickets will be randomly inserted into Sleep Sheets packages. In addition, every package contains a second chance sweepstakes which will allow fans to activate the promotion online at Facebook.com/takeasheet for a chance to win Sheets branded t-shirts and hats.
Shadow Beverages launches 14-SKU GNC-branded sports nutrition RTDs
PHOENIX — Shadow Beverages and GNC on Thursday launched a ready-to-drink GNC beverage line now available across Arizona and Nevada store locations.
The new GNC line consists of 14 beverages featuring scientifically advanced nutrition across the sports nutrition, nutritional waters and protein nutrition categories. It includes "extreme performance" drinks designed for the experienced athlete and "active" beverages formulated to meet the hydration and metabolic needs of everyday fitness enthusiasts.
"Our development team worked closely with Shadow Beverages for nearly a year reviewing hundreds of formulations to ensure the highest quality final products," stated Tom Dowd, EVP, chief merchandising officer and general manager. The GNC beverages currently are available through distribution partners Kalil Bottling and Nevada Beverage and are gaining distribution through additional independent retailer outlets, including Quik Trip, Terrible Herbst, Frys, Bashes, Southwest Convenience and AMPM.
"Our partnership with these distributors gives the new GNC beverage line great access to many channels of business," said George Martinez, president of Shadow Beverages. "Thus far, sales have exceeded our expectations, and we couldn’t be more pleased with the level of in-market execution from Kalil Bottling and Nevada Beverages sales teams. We anticipate additional distribution partners to be introduced across many states in the coming months."
GNC and Shadow Beverages entered into a licensing agreement in 2011 to produce, market and sell drinks under the GNC Live Well trademark for sale across a wide range of retail outlets.