Perfumania Holdings Inc. (PERF) and Parlux Fragrances Inc. (PARL) announced that they have signed a definitive merger agreement under which Perfumania would acquire all of the outstanding shares of Parlux in a transaction valued at about $170 million, based on Perfumania's closing stock price of $19.55 per share on December 22, 2011.
Based on that Perfumania stock price and depending on the stockholder elections, the merger agreement values a share of Parlux stock at between $7.91 and $8.55, assuming no adjustments under the merger agreement other than such elections.
The merger is expected to close in the first half of 2012.
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