SKILLMAN, N.J. (AP) -- Matrixx Initiatives boosted its offer for Cold-EEZE maker ProPhase Labs to approximately $23.7 million.
ProPhase Chairman and CEO Ted Karkus said that the company's board will seriously evaluate any offer it receives, including Matrixx's revised bid.
The new Matrixx offer represents a 14.3 percent bump in price, to $1.60 per share. The company's 1.40 per-share offer in May was rejected.
The revised bid is a 19 percent premium to ProPhase's Monday closing price of $1.35. Shares of ProPhase jumped 18 cents, or 13.3 percent, to $1.53 in afternoon trading.
ProPhase Labs Inc. currently has about 14.8 million outstanding shares, according to FactSet.
The revised bid is not contingent on financing, according to Matrixx Initiatives Inc. Its Zicam product line includes cold, allergy and sinus medications.
"We believe ProPhase faces significant challenges by remaining as a standalone entity, including lack of scale, an unsustainable financial model and limited liquidity," Matrixx CEO Marylou Arnett said.