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Markwins Completes Physicians Formula Deal



Published December 12, 2012
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Markwins International Corporation has acquired all of the outstanding securities of Physicians Formula Holdings, Inc. for $75.0 million or $4.90 per share in cash.


The per share price represents a premium of approximately 33% to Physicians Formula's closing stock price on August 14, 2012 and a premium of approximately 40% to Physicians Formula's one-month volume-weighted average price as of that same date, as previously reported in Happi.


Upon the closing of the merger, Physicians Formula will be owned by Markwins and the employees of Physicians Formula will become employees of Markwins.

Physicians Formula also previously announced that, immediately prior to entering into the merger agreement with Markwins, Physicians Formula terminated its previously announced merger agreement with affiliates of Swander Pace Capital—Physicians Formula Superior Holdings, LLC and Physicians Formula Merger Sub, Inc. In accordance with the terms of that previous merger agreement, Physicians Formula is required to pay a termination fee of $1,285,000 to the affiliates of Swander Pace Capital.






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