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News Breaks | | | | November 16, 2012 | | 06:10 EDT |  | FACE | Physicians Formula and Markwins amend merger agreement
Under the terms of the amendment to the merger agreement, the closing of the merger is scheduled to occur no later than December 13, and Markwins agreed to waive certain conditions to closing that would have been required to be satisfied at the closing. Markwins also agreed to increase the amount of the termination fee that Markwins will be required to pay under certain circumstances if the merger does not close by December 13 from $3.5M-$4.5M. The sole shareholders of Markwins guaranteed the payment of the termination fee, if payable. Physicians Formula stockholders adopted the merger agreement on November 8, and as a result, the closing of the merger was to occur no later than November 14. Markwins subsequently informed Physicians Formula that although the equity and debt commitment letters Markwins received in connection with the signing of the merger agreement remain in full force and effect, notwithstanding the availability of the financing represented by such commitment letters, Markwins is pursuing alternative financing with more favorable terms. | |
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