(Best Syndication News) – Perfumania Holdings Inc. (NASDAQ:PERF) announced the buyout of Parlux Fragrances, Inc. (NASDAQ:PARL) in a $170 million deal. Parlux shares traded higher today after the December 23, 2011 announcement of the definitive merger agreement.
Perfumania Holdings agreed to aquire all outstanding shares of Parlux, which has an approximate value of $170 million on a December 22 closing share price of $19.55. The value of Parlux stock would be estimated to be valued between $7.91 and $8.55 under the assumption that no adjustments occur within the merger agreement.
The December 22, 2011 closing price of Parlux was $3.40 per share. At 4 pm EST Parlux (NASDAQ:PARL) shares were trading at $5.94 each, up $2.47 (+71.18%). The trading volume has been heavy today, up 4,960 percent at the time of this writing; the average trading volume is 26,284 and today’s trading volume was at 1.33 million.