Crown Laboratories, Inc., a skincare company based in Tennessee, has announced an extension to the expiration date of its cash tender offer to acquire all outstanding shares of Revance Therapeutics, Inc. (RVNC), a biotechnology firm. At the request of Revance, the offer, which is set at $3.10 per share in cash, will remain available excluding interest and any applicable tax withholdings.
The tender offer now extends until 11:59 p.m. Eastern Time on January 28, 2025, after its initial expiration date of January 13, 2025. The acquisition is anticipated to close within the first quarter of 2025, pending customary closing conditions, including the tendering of the majority of the outstanding shares by the offer's deadline.
Computershare Trust Company, N.A., the designated depositary and paying agent for the tender offer, has notified Crown that approximately 4,167,526 shares, equating to 3.97% of the total outstanding shares, have been validly tendered and not withdrawn as of 4:00 p.m. Eastern Time on January 10, 2025.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 submitted their shares are not required to re-tender or take any additional actions due to the offered extension.
Currently, RVNC shares are trading at $3.265, reflecting an increase of 0.4615% on the Nasdaq Global Select Market.
