Plethico Launches $81M Offer for Natrol

The Chatsworth, Calif.-based company's shareholders can tender their shares to Plethico Pharmaceuticals Ltd. for $4.40 per share. If Plethico gains control of more than 90 percent of Natrol's stock, it will buy the remaining shares at the same price.

Shareholders representing 42.3 percent of Natrol's stock have agreed to tender their shares under the offer, which begins Nov. 27 and lasts 20 business days.

At $4.40 per share, Natrol's outstanding stock is worth $62.8 million. Plethico will also buy the stock options Natrol has issued for the difference between the strike price on the options and $4.40. Natrol said that brings the total value of the deal to about $80.8 million.

Morgan Joseph & Co. advised Natrol and Greenberg Traurig LLP was legal counsel.

Natrol shares surged $2.03, or 89.4 percent, to $4.30 in premarket trading. The stock closed Friday at $2.27, up 6.1 percent for the year.