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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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"The global backdrop has been tough, and the volitile markets should continue. LatAm markets can still end the year in positive territory, but the route by which we navigate to that conclusion could be quite wild."

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