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Mexico's Genomma Faces Heat in US Bid

Feb 22, 2012

A poor market reaction and a possible legal challenge confronted Mexican pharmaceutical marketer Genomma Lab following a bid to acquire Prestige Brands Holdings (PBH), a healthcare and house cleaning products company in the US. Genomma’s shares lost 9.41% Tuesday, following the announcement of an offer to pay $16.60 per common share, or $834m, for PBH. The acquisition would also mean assuming the company’s outstanding debt of $891m, according to Janney Capital Markets. Genomma made the offer to PBH’s board and also revealed the...

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There is performance risk that the market is going to have to evaluate and assess. I think that is very healthy for the market because that will enable us to finance a much wider range of projects.

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