Physicians Formula (FACE +2.1%) and Markwins International agree to amend their merger plan, under which Markwins is acquiring FACE. Under the terms of the amended agreement, Markwins agreed to waive certain conditions to closing that would have been required to be satisfied. Markwins also agreed to increase the amount of the termination fee that it will be required to pay if the merger doesn't close by December 13, 2012 from $3.5M to $4.5M.
Physicians Formula Holdings (FACE +9.6%) says it's received a $73.1M buyout offer from an unnamed party. The offer comes just three weeks after the cosmetics and skin care company agreed to be taken private by private equity firm Swander Pace Capital for around $65M. The new bid is for $4.90 a share, a 33% premium over its closing price on August 14, and 15% higher than Swander Pace's $4.25 a share offer announced on August 15.
Physicians Formula Holdings (FACE) +14.1% premarket after agreeing to be acquired for $4.25/share in cash by Swander Pace Capital in a deal valued at $65M. The price is 15% above the skin care firm's closing level of $3.68/share on Tuesday.