Revance Stockholders Encouraged to Support Crown's Tender Offer

Crown's Tender Offer for Revance Stock: Key Information

Revance Therapeutics, Inc. (NASDAQ: RVNC) stockholders are being urged to support Crown Laboratories, Inc. by tendering their shares before the upcoming deadline. This is an important moment as Crown's tender offer presents the only current proposal post Teoxane's withdrawal.

Details of the Crown Offer

Crown has made an offer of $3.65 per share, which has received unanimous approval from the Revance Board of Directors. This price signifies Crown's commitment to connecting with stockholders and delivering value through their acquisition strategy. CEO Mark J. Foley emphasized that this offer represents the best potential for stockholders to maximize their returns.

The Importance of the February Deadline

Stockholders need to act quickly, as the tender offer will expire at one minute past 11:59 p.m. Eastern Time on February 4, 2025. Following this timeline is crucial to ensuring that the acquisition can take place smoothly and as intended.

Teoxane's Role in the Transition

Teoxane has chosen to withdraw its previous acquisition proposal and plans to tender its shares into Crown’s offer. This marks a significant shift in the landscape of potential acquisition bids for Revance stockholders, as Teoxane’s exit consolidates Crown’s position as the sole bidder.

Transaction Expectations and Closing Conditions

Crown has expressed that if more than 50% of the shares are tendered, the transaction is expected to conclude shortly thereafter by February 6, 2025, aligning with the terms of the Amended and Restated Merger Agreement. This agreement emphasizes the importance of tendering shares to meet the requisite conditions for closing.

Background on Crown and Revance

Crown Laboratories is recognized for its innovations in the skincare sector, aiming to enhance the quality of life for consumers through a diverse range of therapeutic products. With accolades including being listed on the Inc. 5000 Fastest Growing Privately Held Companies List for 11 consecutive years, Crown continues to push boundaries in dermatology and aesthetics.

Contrastingly, Revance is making strides in biotechnology, notably with its aesthetic offerings like DAXXIFY and the RHA Collection of dermal fillers. Their collaboration with Teoxane for HA fillers and partnerships with Viatris Inc. and Shanghai Fosun Pharmaceutical further showcases their commitment to expanding their market reach. The company operates out of Nashville, Tennessee, continuing to set new standards in healthcare.

Advisory Teams Behind the Scenes

The acquisition narrative involves several advisors: Centerview Partners LLC is acting as the exclusive financial advisor for Revance, while Skadden, Arps, Slate, Meagher & Flom LLP is the legal advisor. For Crown, the financial advisory team includes Leerink Partners and PJT Partners, with Kirkland & Ellis LLP and Lowenstein Sandler LLP providing legal services.

Frequently Asked Questions

What is Crown's tender offer amount?

The tender offer by Crown is priced at $3.65 per share for Revance stockholders.

Why is the February 4 deadline significant?

This deadline is the cutoff for stockholders to tender their shares to accept the offer from Crown before the transaction can proceed.

What did Teoxane announce?

Teoxane announced its withdrawal from the acquisition race and intends to tender its 6.2% stake in Revance as part of Crown's offer.

Who are the advisors involved in the acquisition?

Centerview Partners LLC is aiding Revance, while Crown is assisted by Leerink Partners and PJT Partners.

What is the future outlook for Revance and Crown?

With the impending acquisition and the merging of innovative efforts, both companies are poised to expand their reach and enhance their offerings in the market.

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