Crown Laboratories, Inc., a Tennessee-based skincare company Monday announced the extension of the expiration date for its cash tender offer to acquire all outstanding shares of the biotechnology company - Revance Therapeutics, Inc. (RVNC) . At Revance's request, the offer, priced at $3.10 per share in cash, will remain open, excluding interest and applicable tax withholding.
The tender offer has been extended to 11:59 p.m. Eastern time on January 28, 2025, which was originally scheduled to expire at 11:59 p.m. Eastern time on January 13, 2025. The acquisition is expected to close in the first quarter of 2025, subject to standard closing conditions, including the tender of a majority of the outstanding shares by the offer's expiration.
The depositary and paying agent for the tender offer Computershare Trust Company, N.A., has informed Crown that, approximately 4,167,526 shares, representing 3.97 percent of the total outstanding shares, have been validly tendered and not withdrawn, as of 4:00 p.m. Eastern time on January 10, 2025. Shareholders who have already tendered their shares do not need to re-tender or take any other action due to the extension of the tender offer.
Currently RVNC is trading at $3.265 or 0.4615% higher on the Nasdaq Global Select Market.
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