AZUSA, Calif. and SAN FRANCISCO, Aug. 15, 2012 (GLOBE NEWSWIRE) -- Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians Formula" or the "Company") and Swander Pace Capital ("Swander Pace") announced today they have entered into a definitive merger agreement under which affiliates of Swander Pace will acquire Physicians Formula. Under the terms of the merger agreement, Swander Pace, through its affiliates, will acquire all outstanding shares of the common stock of Physicians Formula for $4.25 per share in cash, or approximately $65 million. The per share price represents a premium of approximately 15% over Physicians Formula's closing stock price on August 14, 2012 and a 21% premium to the Company's one-month volume-weighted average price of $3.50 per share. The Physicians Formula's Board of Directors, acting upon the unanimous recommendation of its Special Committee (the "Special Committee") composed solely of independent directors, unanimously approved the merger agreement and resolved to recommend that the Company's stockholders vote to adopt the merger agreement.
Physicians Formula Holdings, Inc. To Be Acquired By Swander Pace Capital For $4.25 Per Share
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