Perfume maker Parlux Fragrances Inc announced that its Board of Directors had received an unsolicited letter from its Chairman and CEO, Ilia Lekach, representing PF Acquisition of Florida LLC, pertaining to the possible acquisition of all of the outstanding common stock of the company at a proposed price of $29.00 per share in cash, representing a premium of 55 percent over the closing price of the common stock of the company on June 13th 2006.
The offer is subject to financial and other contingencies.
Frank Buttacavoli, COO and CFO, said, "The offer has been referred to the Special Committee of Independent Directors of the Parlux Board of Directors."
Parlux Fragrances Inc is a manufacturer and international distributor of prestige products. It holds licenses for Paris Hilton fragrances, watches, cosmetics, sunglasses, handbags and other small leather accessories in addition to licenses to manufacture and distribute the designer fragrance brands of Perry Ellis, Guess?, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.
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