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Acquisition Completion Date Brings Up Issues in Physicians Formula-Markwins Deal
Posted: November 9, 2012
Physicians Formula Holdings, Inc. announced it has been informed by Markwins International Corporation that Markwins will not close the acquisition of Physicians Formula on or before November 13, 2012 as previously announced, but that Markwins intends to close the acquisition by mid-December 2012. Physicians Formula is evaluating its rights and remedies in light of this development.
As previously announced, Physicians Formula entered into an agreement and plan of merger dated September 26, 2012 with Markwins and Markwins Merger Sub, Inc. At a special meeting of stockholders of Physicians Formula held on November 8, 2012, the stockholders of Physicians Formula approved the acquisition of Physicians Formula by Markwins contemplated by the merger agreement.