Perfumania Holdings, Inc. announced it has completed its acquisition of Parlux Fragrances, Inc. The outstanding shares of Parlux common stock were converted into the right to receive cash and Perfumania common stock with an aggregate value of approximately $118 million and Parlux became a wholly owned subsidiary of Perfumania. Trading in Parlux's common stock on the NASDAQ stock market terminated at market close on April 18, 2012.
Upon completion of the merger, Parlux directors Frederick E. Purches, Anthony D'Agostino, Esther Egozi Choukroun, Glenn Gopman and Robert Mitzman were elected to Perfumania's board of directors.
Mike Katz, Perfumania's president and CEO, said, "We are pleased with the strong support that both Perfumania and Parlux shareholders gave this transaction and are excited about the opportunity to create additional value for our shareholders, vendors, customers and employees. The combination of Perfumania and Parlux is a major step toward building a more significant and financially stronger designer fragrance and beauty products company. Parlux brings a wealth of products and expertise as a licensee, manufacturer and international distributor."