Revance receives acquisition offer from Crown Laboratories for $3.10 per share

Revance (RVNC) announced that privately held Crown Laboratories has commenced a cash tender offer to acquire all outstanding shares of common stock of Revance at a price of $3.10 per share in cash. The tender offer is being made in connection with the merger agreement dated December 7. The Revance Board unanimously determined that the offer and the merger are advisable and in the best interest of Revance and its stockholders and recommends they tender their shares to Crown. The Revance Board engaged in a comprehensive review of a range of strategic alternatives and believed the certainty of value provided by the $3.10 cash offer was in the best interest of stockholders, especially when viewed against the risks and uncertainties associated with Revance’s stand-alone strategy. The tender offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time on January 13, 2025, unless extended. Consummation of the tender offer is subject to customary terms and conditions, including the tender of a number of shares of common stock of Revance which represents at least a majority of the voting power of Revance and the satisfaction of other customary closing conditions. Following the successful closing of the tender offer, Crown will acquire any shares of Revance that are not tendered in the tender offer through a second-step merger for the same consideration as paid in the tender offer.