By Lisa Kerner
Charlotte, N.C., Nov. 19 - Natrol, Inc. agreed to be acquired by Plethico Pharmaceuticals Ltd. of India for $4.40 per share or about $80.8 million in a two-step merger process, it was announced on Monday.
Following a cash tender offer by a Plethico subsidiary, there will be a second-step, cash-out merger in which untendered Natrol shares will be acquired for the same $4.40 per share.
Certain Natrol stockholders owning a total of 42.3% of the company's outstanding common stock agreed to tender their shares in the offer. Natrol granted Plethico a "top-up" option, and Plethico reserves the right to begin a subsequent offer if it owns less than 90% Natrol's stock following the initial tender offer.
The tender offer is expected to begin Nov. 27 and will remain open for 20 business days.
Natrol was advised by Morgan Joseph & Co. Inc.
Plethico, based in Mumbai, India, manufactures and distributes herbal and nutraceutical products.
Chatsworth, Calif.-based Natrol has a portfolio of health and wellness products including nutritional supplements and herbal teas.
| Acquirer: | Plethico Pharmaceuticals Ltd.
|
| Target: | Natrol, Inc.
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| Announcement date: | Nov. 19
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| Transaction total: | $80.8 million
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| Price per share: | $4.40
|
| Expected closing: | Upon approvals
|
| Stock price of target: | Nasdaq: NTOL: $2.27 on Nov. 16
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