PERRIGO ANNOUNCES FILING OF REGISTRATION STATEMENT FOR INITIAL PUBLIC OFFERING
PERRIGO ANNOUNCES FILING OF REGISTRATION STATEMENT
FOR INITIAL PUBLIC OFFERING
ALLEGAN, Mich., Nov. 11 /PRNewswire/ --Perrigo Company has announced that it filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of 8,000,000 shares of common stock, which includes 986,981 shares being sold by non-management selling shareholders.
The offering price is expected to be between $14 and $16 a share. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. will co-manage the underwriting group. The company has granted the underwriters an over-allotment option for up to 1,200,000 additional shares.
The net proceeds to the company from the sale of the common stock will be used to repay indebtedness incurred in connection with the acquisition of Cumberland-Swan, Inc. and other indebtedness.
Perrigo Company is the nation's largest manufacturer of over-the- counter (non-prescription) pharmaceuticals and personal care products for the store brand market. Store brand products are sold under a retailer's own label and compete with nationally advertised brand name products. The company's customers are major national and regional retail drug, supermarket and mass merchandise chains and major wholesalers. The company's products include over-the-counter pharmaceuticals (such as analgesics, cough and cold remedies, antacids, laxatives, suppositories and diet products), personal care products (such as toothpaste and mouthwash, hair care products, deodorants and antiperspirants, baby care products, and skin care and sun care products) and vitamins.
The company also announced that it has entered into a definitive agreement to acquire Cumberland-Swan, Inc. a major manufacturer of store brand products. The acquisition, which is currently scheduled to close in December 1991, offers the company the opportunity to expand its product line with complementary products, to add strategically located facilities for the manufacture and distribution of its products, to expand the marketing of its products to new customers under Cumberland's "Swan" brand and to achieve cost efficiencies through the consolidation of certain operations.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: M. James (Jim) Gunberg, executive vice president-finance, treasurer and chief financial officer of Perrigo Company, 616-673-8451/ CO: Perrigo Company ST: Michigan IN: MTC SU: OFR SM -- NY072 -- 3176 11/11/91 17:02 EST