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TwinLab, Rexall Sundown End Merger Talks

September 06, 1997|Bloomberg News

Rexall Sundown Inc. and Twinlab Corp. called off Rexall's $707-million acquisition of Ronkonkoma, N.Y.-based Twinlab after the Securities and Exchange Commission refused to approve favorable accounting for the purchase. The companies, both makers of nutritional supplements, said discussions were terminated after the SEC said it wouldn't approve a pooling-of-interests accounting treatment. The companies said on July 1 they were considering a transaction in which Rexall would issue 0.74 share for each Twinlab share, valuing Twinlab at $26.18 a share at the time. In Nasdaq trading, Twinlab shares rose $2.25 to close at $21.75 on Nasdaq, while Boca Raton, Fla.-based Rexall shares rose $1.25 to close at $38. The news was released after the close of trading.

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