The deal values each share of Parlux at a price between $7.91 and $8.55, assuming no adjustments are made to the companies' pact. Even at the low end, that price range amounts to a premium of more than double the $3.47 closing price of Parlux's stock on Friday.
Shares ended the regular session up 7 cents, or 2.1 percent. The stock added $2.98, or 86 percent, to $6.45 after the market closed. Perfumania stock dropped $1.92 to $17.78 after ending the regular session up 15 cents at $19.70.
For each share they own, Parlux shareholders may elect to receive either $4 in cash plus 0.20 shares of Perfumania common stock, or 0.53333 shares of Perfumania. Perfumania said that, at most, it will pay $61.9 million in cash and issue a maximum of 5.9 million shares.
Shares ended the regular session up 7 cents, or 2.1 percent. The stock added $2.98, or 86 percent, to $6.45 after the market closed. Perfumania stock dropped $1.92 to $17.78 after ending the regular session up 15 cents at $19.70.
For each share they own, Parlux shareholders may elect to receive either $4 in cash plus 0.20 shares of Perfumania common stock, or 0.53333 shares of Perfumania. Perfumania said that, at most, it will pay $61.9 million in cash and issue a maximum of 5.9 million shares.
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