Perfumania Holdings, Inc. and Parlux Fragrances, Inc. Announce Proposed Merger
BELLPORT, N.Y. and FORT LAUDERDALE, Fla., Dec. 23, 2011 (GLOBE NEWSWIRE) -- Perfumania Holdings, Inc. (Nasdaq:PERF) and Parlux Fragrances, Inc. (Nasdaq:PARL) announced today that they have signed a definitive merger agreement under which Perfumania would acquire all of the outstanding shares of Parlux in a transaction valued at approximately $170 million, based on Perfumania's closing stock price of $19.55 per share on December 22, 2011. Based on that Perfumania stock price and depending on the stockholder elections described below, the merger agreement values a share of Parlux stock at between $7.91 and $8.55, assuming no adjustments under the merger agreement other than such elections. Parlux's closing market price on December 22, 2011 was $3.40 per share, and there were 20,769,362 shares of Parlux common stock outstanding on that date.
- Published: 27 December 2011
- Written by Editor