Maker of Paris Hilton fragrances to be bought by Perfumania
Reported by Reuters
Scent-seller Perfumania Holdings Inc said it would buy smaller peer Parlux Fragrances Inc in a cash and stock deal valued at about $170 million.
The deal values Parlux stock between $7.91 and $8.55 a share, which is about 133-151 percent higher than its Thursday close of $3.40.
Parlux shares were up at $6.50 in extended trade on Friday, after closing at $3.47 on Nasdaq. Shares of New York-based Perfumania fell about 10 percent in after-market trade. They had closed at $19.70 on Friday on Nasdaq.
Perfumania sells fragrances at discounted prices and operates more than 350 stores in regional and outlet malls, airports and strip centers, while Parlux makes products under celebrity brands like Paris Hilton, Jessica Simpson, Queen Latifah and Rihanna.
Parlux stockholders may choose to receive either $4 per share in cash along with 0.20 of Perfumania shares, or swap each of their shares for 0.53333 of Perfumania shares.
The maximum amount of cash that will be paid as merger consideration is about $61.9 million and the rest would be in the form of Perfumania stock.
Posted: December 23rd, 2011
From: Ulysses Cheung
Time: December 24, 2011, 9:00 am
Paris, Christmas Cheer to all of you, sending you my best wishes!
Ulysses from Guangzhou City, China
Time: December 25, 2011, 8:38 pm
Her new St. Moritz cologne has a really nice clean scent.
Of course, I like all her colognes.