Revance Therapeutics Accepts Crown's Increased Takeover Bid

Revance Therapeutics, Inc. (NASDAQ: RVNC) has accepted Crown Laboratories, Inc.'s increased takeover bid, marking a significant development in the biotechnology and skincare industries. The amended merger agreement, announced on January 21, 2025, sees Crown increasing its offer to $3.65 per share in cash, representing a 17% increase from the previous offer of $3.10 per share. This enhanced offer values Revance at approximately $924 million, reflecting Crown's confidence in the strategic benefits of the merger.



The increased offer price and extended tender offer period, set to expire on February 4, 2025, provide several strategic advantages for Crown. Firstly, the higher offer price makes the acquisition more attractive to Revance's stockholders, potentially leading to a higher acceptance rate. Secondly, the extended period allows more time for Revance's stockholders to consider the offer, increasing the likelihood that Crown will reach the required majority threshold for the merger to proceed. Lastly, the approaching outside termination date of February 7, 2025, reduces the likelihood of a competing offer from another party, giving Crown a significant advantage in securing the acquisition.



For Revance's stockholders, the increased offer price and extended tender offer period provide a clearer picture of the potential value they can receive for their shares. The improved offer price, now at $3.65 per share, represents a significant premium over Revance's recent stock price. This increased value, along with the deal certainty provided by Crown's fully-financed offer, may encourage Revance's stockholders to tender their shares in support of the transaction. Additionally, the extended period allows stockholders more time to evaluate the offer and make an informed decision about their investment.

The strategic advantages of the merger for Crown are evident in the company's vision to become a fully integrated, global powerhouse in aesthetics and skincare. By acquiring Revance, Crown will gain access to innovative aesthetic and therapeutic solutions, broadening its product portfolio and enhancing its support for aesthetic providers nationwide. This merger extends Crown's innovative reach, promising high-growth product lines and enhanced support for aesthetic providers, positioning the combined entity as a leader in the high-growth global skincare market.

In conclusion, Revance Therapeutics' acceptance of Crown's increased takeover bid marks a significant step forward in the merger process, with strategic advantages for both companies. The increased offer price and extended tender offer period provide Crown with a higher likelihood of successful acquisition, while the approaching outside termination date reduces the likelihood of a competing offer. For Revance's stockholders, the improved offer price and extended period provide a clearer picture of the potential value they can receive for their shares, encouraging them to tender their shares in support of the transaction. As the merger progresses, both companies stand to benefit from the strategic advantages and growth opportunities that the combined entity will offer.