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News Breaks | | | | September 6, 2012 | | 06:05 EDT |  | FACE | Physicians Formula receives acquisition proposal
Physicians Formula announced that it has received an unsolicited, nonbinding proposal to acquire all its outstanding shares of common stock at a price of $4.90 per share, subject to several conditions, including the completion of due diligence and securing of financing commitments by the third party who submitted the proposal and the negotiation of a mutually acceptable definitive agreement. As discussions and negotiations with the third party could terminate at any time, the company's board has not determined at this time that the acquisition proposal constitutes a superior proposal and consequently has not changed its recommendation with respect to the company's pending merger with affiliates of Swander Pace Capital to be effected pursuant to the merger agreement. The company's board is continuing to evaluate the acquisition proposal. | |
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