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Stock Market & Financial Investment News

News Breaks
April 25, 2014
06:39 EDTPBHPrestige Brands agrees to acquire Insight Pharmaceuticals for $750M
Prestige Brands announced that it has entered into a definitive agreement to acquire Insight Pharmaceuticals, a marketer and distributor of feminine care and other over-the-counter healthcare products, for $750M in cash. As part of the transaction, Prestige will acquire tax attributes with a present value of approximately $100M, which results in an effective purchase price of approximately $650M. This transaction, combined with the Hydralyte transaction, is expected to result in pro forma revenues and adjusted EBITDA of approximately $800M and $300M, respectively for the company in FY15. The company anticipates closing on this transaction during the first half of this fiscal year, subject to customary closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Financing for the transaction is expected from a combination of cash on the balance sheet, use of Prestige’s revolving credit agreement, and an add-on to its existing term loan. Sawaya Segalas, & Co., LLC acted as exclusive financial advisor to Prestige Brands on this transaction.
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August 29, 2014
08:08 EDTPBHPrestige to divest assets to satisfy FTC conditions for Insight purchase
Pharmaceutical company Prestige Brands Holdings,the maker of Dramamine, has agreed to divest assets and marketing rights for the over-the-counter motion sickness drug Bonine to settle Federal Trade Commission charges that Prestige’s proposed acquisition of Insight Pharmaceuticals Corporation would likely be anticompetitive. The FTC’s proposed settlement with Prestige requires the company to divest Bonine to Wellspring Pharmaceuticals within 10 days after the acquisition takes place. According to the FTC’s complaint, Prestige’s Dramamine, which is the best-selling branded product in the market for over-the-counter motion-sickness drugs, and Insight’s Bonine, are the only two branded products with significant sales. Absent a remedy, the acquisition would eliminate the close competition between Dramamine and Bonine, likely leading to higher prices for consumers.
August 20, 2014
10:04 EDTPBHOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BHP Billiton (BHP) downgraded to Underperform from Neutral at Credit Suisse... GT Advanced (GTAT) downgraded to Underperform from Outperform at CLSA... Hertz (HTZ) downgraded to Hold from Buy at Deutsche Bank... IDEXX (IDXX) downgraded to Sell from Neutral at Northcoast... Prestige Brands (PBH) downgraded to Neutral from Buy at Sidoti... Real Goods Solar (RGSE) downgraded to Neutral from Buy at Roth Capital... Regal-Beloit (RBC) downgraded to Neutral from Buy at Longbow... SunCoke Energy (SXC) downgraded to Neutral from Outperform at Credit Suisse... Tidewater (TDW) downgraded to Market Perform from Outperform at Clarkson Capital.
09:31 EDTPBHPrestige Brands downgraded to Neutral from Buy at Sidoti
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