Matrixx agrees to H.I.G. Capital acquisition

SCOTTSDALE, Ariz. — Matrixx Initiatives on Tuesday announced that it has entered into a definitive merger agreement to be acquired by affiliates of private equity firm H.I.G. Capital.

The board of directors of Matrixx unanimously has approved the merger agreement. Under the terms of the merger agreement, affiliates of H.I.G. will commence a tender offer to purchase all of the outstanding shares for approximately $75.2 million.

The tender offer is expected to commence Dec. 22, and to expire on the 20th business day following and including the commencement date. If the tender offer is completed successfully, the parties will complete a second-step merger in which any remaining shares of Matrixx would be converted into the right to receive the same price per share paid in the tender offer.

Matrixx's shares climbed more than 55%, closing Dec. 14 trading at $7.98 per share.