CEO Bids for Bradley Pharma

Bradley Pharmaceuticals(BDY Quote) rocketed 25% Tuesday after announcing receipt of an all-cash takeover bid from the company's founder and chief executive.

Daniel Glassman, who is looking to take the company private, offered $21.50 a share for the Fairfield, N.J., company. The offer represents a premium of nearly 17% over the stock's last closing price on May 25.

Glassman said One Equity Partners indicated it would be willing to provide the new cash equity and Credit Suisse Securities would underwrite the debt financing. "With the cooperation of the company, I expect to be in a position to execute definitive documents within a few weeks," he said in the proposal. ...