AZUSA, Calif. (AP) -- Shares of Physicians Formula Holdings Inc. rose Thursday after the cosmetics and skin-care company said it received a new buyout proposal.
Physicians Formula Holdings said it received an unsolicited proposal from a suitor it did not identify offering to buy the company for $4.90 per share. Earlier this month the company accepted an offer from Swander Pace Capital worth $4.20 per share. Physicians Formula Holdings said it has not has not determined that the new offer is superior.
The stock gained 43 cents, or 9.8 percent, to $4.80 in afternoon trading. Earlier the shares reached an annual high of $4.89.
Swander Pace, a private equity firm, agreed to buy the company for about $65 million on Aug. 15. Shares closed at $3.68 the previous day, meaning Swander Pace is offering a premium of 15 percent to that price.
Physicians Formula Holdings' products are sold in more than 25,000 stores, including those operated by large chains like Wal-Mart Stores Inc. and CVS Caremark Corp.