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AZUSA and CITY OF INDUSTRY, Calif. — Shareholders of Physicians Formula Holdings Inc. have approved the company’s acquisition by Markwins International Corp.
The companies said the $75 million acquisition deal, announced in late September, was given the green light Thursday at Physicians Formula’s stockholder meeting.
With the finalization of the transaction, Physicians Formula — which provides cosmetics and skin care products for the mass market prestige, or "masstige," market — will be owned by Markwins. The closing is expected to occur by mid-December.
Before entering into the agreement with Markwins, Physicians Formula terminated a $65 million deal to be acquired by affiliates of Swander Pace Capital, which would have taken Physicians Formula private.
Under the arrangement with Swander Pace Capital, Physicians Formula agreed pay a termination fee of about $1.29 million to the private equity firm’s affiliates.
*Editor’s Note: Physicians Formula updated the transaction closing date.
