Genomma Gives Up on Prestige

Genomma Gives Up on Prestige

Mexico M&A US

Genomma Lab has decided not to continue with its attempt to buy US healthcare and cleaning brands company Prestige Brands (PBH), it says. Prestige has told the Mexican pharmaceuticals company it would need a “significant increase” to the $16.60 per share, or $834m total, unsolicited offer Genomma originally made in February, Genomma says. Prestige had previously indicated the offer was too low, and also adopted a shareholder rights plan, better known as a ‘poison pill’, in an attempt to block th

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