Teoxane SA Announces Superior Proposal to Acquire Revance Therapeutics for $3.60 per Share in Cash
Teoxane SA has submitted a proposal to acquire Revance Therapeutics (RVNC) for $3.60 per share in cash, representing a 16% premium over the $3.10 per share price in Revance's amended merger agreement with Crown Laboratories. Teoxane currently owns 6.2% of Revance's outstanding shares.
The company is prepared for a prompt transaction, requiring only due diligence due to their existing commercial relationship, where Teoxane's products contribute significantly to Revance's revenue through their Distribution Agreement. Teoxane anticipates minimal regulatory risks as their U.S. sales are already conducted through Revance's platform.
Teoxane, described as highly profitable with substantial cash reserves, is working with financial advisors to secure committed financing. The company commits to obtaining fully underwritten, binding commitment letters before signing a definitive agreement, with no financing contingency.
Teoxane SA ha presentato una proposta per acquisire Revance Therapeutics (RVNC) per 3,60 $ per azione in contante, che rappresenta un premio del 16% rispetto al prezzo di 3,10 $ per azione nel contratto di fusione modificato di Revance con Crown Laboratories. Teoxane possiede attualmente il 6,2% delle azioni in circolazione di Revance.
L'azienda è pronta per una transazione rapida, richiedendo solo la due diligence a causa della loro esistente relazione commerciale, in cui i prodotti di Teoxane contribuiscono in modo significativo alle entrate di Revance attraverso il loro Accordo di Distribuzione. Teoxane prevede rischi normativi minimi poiché le vendite negli Stati Uniti vengono già effettuate tramite la piattaforma di Revance.
Teoxane, descritta come altamente redditizia con riserve di liquidità sostanziali, sta collaborando con consulenti finanziari per garantire finanziamenti impegnati. L'azienda si impegna a ottenere lettere di impegno vincolanti e completamente sottoscritte prima di firmare un accordo definitivo, senza condizioni di finanziamento.
Teoxane SA ha presentado una propuesta para adquirir Revance Therapeutics (RVNC) por 3.60 $ por acción en efectivo, lo que representa un premio del 16% sobre el precio de 3.10 $ por acción en el acuerdo de fusión modificado de Revance con Crown Laboratories. Teoxane posee actualmente el 6.2% de las acciones en circulación de Revance.
La empresa está preparada para una transacción rápida, requiriendo solo la debida diligencia debido a su relación comercial existente, donde los productos de Teoxane contribuyen significativamente a los ingresos de Revance a través de su Acuerdo de Distribución. Teoxane anticipa riesgos regulatorios mínimos, ya que sus ventas en EE. UU. se llevan a cabo a través de la plataforma de Revance.
Teoxane, descrita como altamente rentable con reservas de efectivo sustanciales, está trabajando con asesores financieros para asegurar financiamiento comprometido. La empresa se compromete a obtener cartas de compromiso vinculantes y completamente suscritas antes de firmar un acuerdo definitivo, sin contingencias de financiamiento.
Teoxane SA는 Revance Therapeutics (RVNC)를 주당 3.60 달러에 현금으로 인수하겠다는 제안을 제출했습니다. 이는 Revance의 Crown Laboratories와의 개정된 합병 계약에 따른 주당 3.10 달러의 가격에 비해 16%의 프리미엄을 나타냅니다. Teoxane은 현재 Revance의 유통 주식 중 6.2%를 보유하고 있습니다.
회사는 기존 상업적 관계로 인해 단지 실사를 요구하며 신속한 거래를 준비하고 있습니다. Teoxane의 제품은 배급 계약을 통해 Revance의 수익에 상당한 기여를 하고 있습니다. Teoxane은 미국 내 판매가 이미 Revance의 플랫폼을 통해 진행되고 있기 때문에 규제 위험이 최소화될 것으로 예상하고 있습니다.
Teoxane은 상당한 현금 보유고로 높은 수익성이 있는 회사로, 재정 자문가들과 협력해 적절한 자금을 확보하고 있습니다. 이 회사는 최종 계약을 체결하기 전에 완전히 인수된 구속력 있는 약정서를 확보하는 데 전념하고 있으며, 자금 조달의 조건이 없습니다.
Teoxane SA a soumis une proposition pour acquérir Revance Therapeutics (RVNC) pour 3,60 $ par action en espèces, représentant une prime de 16 % par rapport au prix de 3,10 $ par action dans l'accord de fusion modifié de Revance avec Crown Laboratories. Teoxane détient actuellement 6,2 % des actions en circulation de Revance.
L'entreprise est prête pour une transaction rapide, nécessitant seulement une diligence raisonnable en raison de leur relation commerciale existante, où les produits de Teoxane contribuent de manière significative aux revenus de Revance grâce à leur Accord de Distribution. Teoxane anticipe des risques réglementaires minimaux, car leurs ventes aux États-Unis sont déjà effectuées via la plateforme de Revance.
Teoxane, décrite comme très rentable avec d'importantes réserves de liquidités, travaille avec des conseillers financiers pour sécuriser un financement engagé. L'entreprise s'engage à obtenir des lettres d'engagement contraignantes et totalement souscrites avant de signer un accord définitif, sans condition de financement.
Teoxane SA hat einen Vorschlag zur Übernahme von Revance Therapeutics (RVNC) für 3,60 $ pro Aktie in bar eingereicht, was eine Prämie von 16 % gegenüber dem Preis von 3,10 $ pro Aktie im geänderten Fusionsvertrag von Revance mit Crown Laboratories darstellt. Teoxane hält derzeit 6,2 % der ausstehenden Aktien von Revance.
Das Unternehmen ist bereit für eine zügige Transaktion, bei der aufgrund ihrer bestehenden Geschäftsbeziehung lediglich die Due Diligence erforderlich ist, in der die Produkte von Teoxane erheblich zu den Einnahmen von Revance durch ihren Vertriebsvertrag beitragen. Teoxane erwartet minimale regulatorische Risiken, da der Vertrieb in den USA bereits über die Plattform von Revance erfolgt.
Teoxane, das als äußerst profitabel mit erheblichen Barmitteln beschrieben wird, arbeitet mit Finanzberatern zusammen, um verbindliche Finanzierungszusagen zu sichern. Das Unternehmen verpflichtet sich, vollständig unterzeichnete, verbindliche Verpflichtungsschreiben zu erhalten, bevor es eine endgültige Vereinbarung unterzeichnet, ganz ohne Finanzierungsbedingungen.
- 16% premium over existing Crown Laboratories merger agreement ($3.60 vs $3.10 per share)
- Minimal regulatory risks due to existing business relationship
- Acquirer already owns 6.2% of target company
- due diligence requirements, enabling faster transaction completion
- Transaction still requires securing financing commitments
- Subject to regulatory approvals despite minimal anticipated risks
Insights
This competing bid from Teoxane represents a significant development in the Revance acquisition saga. The <money>$3.60</money> per share offer, marking a <percent>16%</percent> premium over Crown Laboratories' amended offer, introduces compelling dynamics to the transaction landscape. The bid's strength lies in Teoxane's existing 6.2% ownership stake and established commercial relationship as a key revenue contributor through their Distribution Agreement.
Several strategic elements enhance this proposal's credibility: Teoxane's substantial cash position, profitability and advanced discussions with financing sources indicate a well-structured approach. The minimal regulatory hurdles, given the existing business integration, significantly reduce execution risk. The commitment to obtain fully underwritten financing prior to signing eliminates funding uncertainty, a important advantage in M&A transactions.
The market implications of this superior proposal are substantial. For shareholders, the immediate <money>$0.50</money> per share increase represents significant additional value. Teoxane's existing stake and operational familiarity with Revance suggests potential synergistic benefits that could justify the premium. The transaction structure, emphasizing cash consideration and minimal due diligence requirements, indicates a high probability of deal completion.
From a valuation perspective, while the offer still reflects the challenging market conditions facing Revance, the improved terms demonstrate competitive tension in the M&A process, potentially driving additional value for shareholders. The backing by Jefferies and commitment to secured financing adds credibility to the proposal's executable nature.
The legal framework of this competing bid presents interesting fiduciary considerations for Revance's Board. Under Delaware law, the Board must evaluate this superior proposal in good faith, potentially triggering the 'fiduciary out' provisions in the existing Crown agreement. The presence of established legal counsel (Davis Polk and Walder Wyss) and the transparent SEC filing approach demonstrates proper procedural compliance.
The minimal regulatory review requirements and existing commercial relationship significantly reduce antitrust concerns, offering a cleaner path to closing compared to typical cross-border transactions. The commitment to binding financing arrangements prior to signing effectively mitigates deal certainty risks from a legal perspective.
Compelling Cash Proposal Provides
Teoxane's proposal provides a
Teoxane has organized the resources to work as expeditiously as possible toward a transaction with Revance and is prepared to transact promptly. Teoxane has performed due diligence with publicly available information and would have only limited and specific confirmatory due diligence requirements. Teoxane already possesses deep knowledge of Revance's operations and capabilities via its existing commercial relationship: Teoxane's products represent a material portion of Revance's current and prospective revenues under the companies' existing Distribution Agreement.
Closing the transaction would be subject to any applicable regulatory approvals, but Teoxane does not anticipate any significant regulatory risks or delays, and notes that Teoxane's
Teoxane has substantial cash on hand, is highly profitable, and together with its financial advisor is already in discussions with financing sources that are familiar with Teoxane and the sector in order to secure committed financing for the transaction in a timely manner, in parallel with the completion of due diligence. Teoxane will obtain fully underwritten, binding commitment letters prior to signing a definitive agreement, which will not contain a financing contingency.
Jefferies LLC is acting as financial advisor to Teoxane, and Davis Polk & Wardwell LLP in the
A copy of the letter to the Revance Board of Directors has been filed as part of Teoxane's Schedule 13D/A and is available at www.SEC.gov.
About Teoxane SA
Teoxane, based in
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SOURCE Teoxane SA
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