Revance Therapeutics has accepted an amended bid from Crown Laboratories that ups the purchase price to $3.65 a share from $3.10.
Under the terms of the revised merger agreement, which has been unanimously approved by the Revance Board of Directors, Revance’s stockholders will receive $3.65 per share of common stock, par value $0.001 per share in cash, without interest and less any applicable tax withholding, representing $0.55 or 17% per share more than the prior offer price.
Crown will extend its existing tender offer for all of Revance’s outstanding Shares until one minute past 11:59 p.m., Eastern Time, on February 4, 2025.
The Crown transaction, which has been unanimously recommended by Revance’s Board of Directors, is the only fully financed offer that Revance has received since the parties initially entered into the original merger agreement on August 11, 2024, and in the more than six weeks since the parties entered into the Amended and Restated Merger Agreement on December 7, 2024.
Crown’s tender offer, which was previously scheduled to expire one minute past 11:59 p.m., Eastern Time, on January 28, 2025, has been extended until one minute past 11:59 p.m., Eastern Time, on February 4, 2025, unless the tender offer is further extended or earlier terminated. Subject to customary closing conditions, including the tender of more than 50% of the Shares into the tender offer, the transaction is expected to close by February 6, 2025.
